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.4701 
5 



\ 



R. M* BAUER & CO* 

25 BROAD STREET 
NEW YORK 



Cable 






F 



jrarj 



Un 

Al 

LO 
(Hiuigary); CZERNOWITZ (Roomania), and branches 
and affiliaffd banks in Jugoslavia and Poland. 

ANGLO- CZECHOSLOVAKIA BANK 

PRAGUE, and thirty branches in Ctecho-Sovakia 




j^-^s;$^/ii-iy^.^oogt-g ^ 



External 

and 

Internal 
Government Bonds 



ESTABLISHED 1930 



• MEMBERS NEW YORK SYOCK.e^CHANOC 



BOSTON 
82 Devonthire Stieet 



NEW YORK 
25 Broad Sczeec 



CHICAGO 

209So. USidle St. 



ALBANY 
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Foreign Government 

and 

Foreign Industrial Securities 



Direct Connections with Principal 
Markets of the World 



Specialists in Canadian and 
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SuTRO Bros. & Co. 

120 Broadway, New York 

Rector 7350 
Cable Address : ORTUS, New York. All codes used 

Branch Office: MONTREAL 
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DEALERS IN 


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Cable Address: ORTUS, New York 


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• 

SUTRO BROS- & Co* 


120 Broadway, New York 


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Kimber's Record of 
GOVERNMENT DEBTS 

and other 

FOREIGN SECURmES 
1922 



Edited by 

Albert W, Kimber 



Sixth Annual Edition 
Price $15.00 Net 



Published by 

A. W, KIMBER (Sl COMPANY 

INCORPORATED 

46 West Broadway New York 

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Copyright in the United States 
and Great Britain, 1922, by 

A. W. KIMBER & COMPANY 

Incorporated 
All rights reserved 



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INTRODUCTION 



Credit Factors in Foreign Gk)vemment Securities 

The bonds of all govemments are not equally safe; the financial 
records of all governments are not equally clean; the currencies in which 
the obligations are payable are not equally sound, their present and 
future exchange value are not equally certain. The purpose of this 
article is to set forth the analytical tests by which the position of a 
government bond can be determined as an investment, a speculation or 
a gamble. 

Government bonds, as a class, are the safest investments in the 
world. This has been recognized by investors of all nations as applied 
to the bonds of their own government; European investors of the older, 
shrewder kind have long realized it as applicable to the bonds of numer- 
ous governments foreign to their own; American investors have learned 
that the bonds of many foreign nations, states and municipalities yield 
a higher income than the same type of domestic obligation, with equal 
security of principal and certainty of interest payment. Foreign govern- 
ment bonds, and especially foreign currency bonds as they are bought 
in the United States at this time, offer greater probability of satisfactory 
returns than almost any other class of investment security. 

The investment position of any government bond is determined from 
consideration of two factors: the character and resources of the obligor, 
the character and value of the exchange medium (currency) in which 
the obligation is payable. 

OHABACTEB OF THE OBUGOB 

P The character of the obligor is indicated by its financial record; 

in the case of a government, more especially by its transactions with 
\^ the outside world. A high sense of honor, the habit of thinking of a 
\ debt as something to be paid — these are characteristic of certain peoples. 

A low sense of honor, an immature or distorted conception of the nature 

of contractual obligations, the habit of thinking of a debt as nothing 
^ to be greatly concerned about — these are characteristic of other peoples. 
nw There are cases of both kinds, but upon examination of the records it 

will be found that foreign govemments, states and municipalities gen- 
"> erally exhibit a keen appreciation of the value of sound public credit, 
-*^. and are scrupulously careful to maintain such credit when it has been 
. I once established. 

^ BES0T7BCES OF THE OBUGOB 

The resources of a foreign government may be determined by com- 
3 parison of national wealth with national debt, government revenue with 

government expenditure over a series of years, and surplus of national 
^ production over consumption as reflected in the statements of foreign 

commerce. 

^ National Wealtli 

^- As to national wealth, all figures so far compiled are mere approxi- 

O mations. No two statisticians working in different countries have used 
the same methods, agreed upon the items to be included, or applied the 

8 same theories of appraisal. Especially deceptive are estimates of the 
national wealth of foreign countries when expressed in United States 
money. The value of a ranch in Uruguay, estimated in Uruguayan pesos. 



> 






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^ 



KIMBER'8 RECORD OF GOVERNBiENT DEBTS 

may be converted into United States money at par of exchange or at 
current rates; but either figure would appear unreal to the ranchman in 
Montana. Nevertheless the various estimates of national wealth may 
be considered, with some reserve, in an attempt to determine the ability 
of a government to meet its obligations. 

Qovemment Bevenne and Expenditure 

Figures of government revenue and expenditure; as a rule, are but 
remotely related to the payment of foreign debt. Internal debt, payable 
by the government to its own people, is a comparatively simple matter. 
The Government imposes taxes, or borrows, to meet its internal fiscal 
needs. An unusually heavy burden of internal debt requires collection 
of large revenues, by one method or another, and their payment in the 
service of the debt; but the '* money" stays in the country. A re- 
distribution of wealth, even of capital, may occur, but the country is 
none the poorer as a whole except where sheer waste or corruption 
reduces national production below national consumption. The condition, 
however, cannot be determined from figures of government revenue and 
expenditure alone, and no conclusions as to abUity to pay government 
debt should be drawn from such figures. 

Even a long period of deficit financing, such as Argentina exhibited 
for over twenty-five years, may be concurrent with rapid growth in 
national production and wealth, and with steady enhancement of national 
credit. 

The Balance of Trade 

The true measure of a government 's ability to pay its foreign obliga- 
tions is found in the figures of its balance of trade, the relation between 
the value of its imports and the value of its exports. It is the value of 
the surplus of exports over imports that is available for the payment 
of foreign obligations. An excess of imports creates foreign debt; an 
excess of exports creates foreign credits. When the citizens of a country, 
through selling to foreigners more than they buy from foreigners, own 
credits abroad, the government of that country may buy those credits 
from its citizens and use them to pay its foreign debt. If no such 
foreign credits are available the government cannot pay its foreign debt 
except by the export of gold or securities. Except in the case of gold- 
producing countries, the shipment of gold cannot long continue unless a 
surplus of exports returns to bring gold back into the country; on the 
other hand the shipment of securities (equivalent to further borrowing 
abroad) merely increases the foreign debt. We are therefore thrown 
back on this principle: that national solvency demands an excess of 
exports (of all kinds) over imports (of all kinds) annually averaging 
a value sufficient to meet the country's foreign obligations. 

This principle is so often misunderstood that our statement of it will 
bear enlargement with specific example. Consider Brazil. The govern- 
ment of that country has numerous bond issues held abroad, and other 
foreign capital has been invested in banks, public utilities and other 
enterprises in Brazil. The payment of interest and dividends on all this 
foreign capital in Brazil calls at the present time for £22,000,000 to 
£25,000,000 annually. Brazilians must every year buy foreign exchange 
in the amounts named to pay for the use of the foreign capital in their 
country, in addition to purchasing the amounts of foreign exchange 
required to pay for goods imported. It is obvious, therefore, that to 



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INTRODUCTION 



paj Brazil 's foreign debts her exports must annually exceed her imports 
by £22,000,000 or £25,000,000 (on the average), if she is to pay without 
further borrowing. 

This requirement is entirely irrespective of and aside from the posi- 
tion of the government's revenue and expenditure. No matter how 
many millions of milreis the government may collect or borrow from its 
citizens, Brazil cannot pay her foreign debts by shipping milreis. Those 
milreis are worth what they will buy of Brazilian goods, gold or securi- 
ties, and nothing else; if the foreigners do not want the goods or securi- 
ties and cannot get the gold, they will not take the milreis. The foreign 
credits needed to pay her foreign debts Brazil can acquire only by the 
shipment of goods, gold or securities; and as the shipment (or sale) of 
securities merely effects an addition to her foreign debt, Brazil's inter- 
national account can be balanced only by the export of goods or gold 
in value enough greater than the value of her imports to cover her 
foreign obligations. 

The Invisible Balance of Trade 

Consideration of the balance of trade should never overlook the 
''invisible balance of trade," the items of international debit and 
credit that do not appear in the figures of commodity imports and exports. 
The "invisible" imports and exports are not so accurately or systematic- 
ally recorded, but close estimates are available, and the invisible items 
are often so important as to modify and in some cases even reverse the 
balance shown by the tables of foreign commerce. These invisible im- 
ports and exports include principal or interest paid to other countries 
on loans from them, or received from investments in other countries; 
charges paid or received for transportation, insurance, banking services 
and the like; remittances by residents to friends abroad, or vice versa; 
expenditures made by citizens abroad or by foreigners in the country 
for pleasure, travel, education and so forth. A few illustrations may 
be given. 

Great Britain for many years has annually imported goods to a value 
enormously in excess of her exports, the balance being covered by her 
"other income" from abroad. This was not always the case. In the 
early years of the nineteenth century Britain regularly exported goods to 
a value greater than those she imported; the surplus of exports over 
imports in those days represented the goods she was lending abroad 
(her exports of capital). As this movement continued year after year 
the amounts payable to her for interest on this capital annually in- 
creased. At the same time the rapid growth of her merchant marine 
increased the amounts paid her for transportation services, and the 
growth of her banking and insurance business kept pace with the growth 
of her commerce. Eventually a point was reached where the sums due 
her annually on all these accounts were greater than her annual exports 
of capital, and the figures of commodity imports then began to show an 
excess over the figures of commodity exports. Foreign countries were 
paying their debts to her (or a part of them) in goods, which is what 
Great Britain wanted. It was estimated by the British Board of Trade 
that her "invisible exports" during 1920 aggregated £543,500,000, made 
up as follows: Net income from shipping, £340,000,000; excess bullion 
exports £43,500,000; income from foreign investments, £120,000,000; bank- 
ing and other earning from abroad, £40,000,000; total £543,500,000. 
The excess of commodity imports over exports in that year was £378,- 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

800,000, leaving a net balance in favor of the United Kingdom of 
£165,000,000. 

Another example is Italy. For many years that country's foreign 
trade has been out of balance, the imports greatly exceeding the exports. 
Italy must import all of her coal and cotton, and a large part of her 
wool and food. In the present stage of her industrial development she 
has comparatively little to export and a continuous need for heavy 
imports. An important source of * ' other income ' ' is the large sums spent 
in Italy by tourists and other foreign residents; another important item 
is the savings that Italian emigrants sent home from other countries. 
The addition of these two special sources of income enabled Italy, before 
the War, to balance her international account. 

Switzerland has a large income from the expenditures made by 
tourists in her country and from her foreign investments; Holland, 
Norway, France are other important examples of countries whose invisi- 
ble exports are annually greater in value than the recorded *' un- 
favorable" commodity balance of trade. 

Enough has been said to indicate the procedure necessary to deter- 
mine the credit of a government as such, and its resources for the pay- 
ment of foreign oblifi;ations. The next step is an estimate of the value 
of the currency in which the obligations are payable. 

VALUE OF CUBEENCT 

Foreign government and foreign municipal bonds payable in United 
States dollars have been sold in this country in large amounts; it is 
estimated that the total of such bonds outstanding in May, 1922, approxi- 
mated $1,500,000,000. These bonds have been popular with conservative 
investors, for the reason that uncertainty as to the value of the currency 
in which they are payable is reduced to a minimum. They require no 
extended treatment here. 

Foreign Currency Bonds 

The value to American holders of bonds payable in any foreign cur- 
rency is obviously the value of that currency, other things being equal. 
Any currency is worth what it will buy. Under normal conditions, 
the currencies of almost all the great nations being redeemable in gold, 
each monetary unit (£, franc, etc.) would buy a certain amount of gold 
and the value of that currency then was the value of that gold as ex- 
pressed in United States money, fluctuations in the exchange rate 
were between rather narrow points, the gold shipping points; exchange 
rates would hardly ever rise above or fall below the points at which it 
became more profitable to ship gold or to buy gold than to buy or sell 
exchange. 

With the outbreak of the war, practically every nation suspended the 
gold standard by prohibiting the export of gold. During the war the 
prices for most foreign currencies were maintained at certain points 
by artificial means, Great Britain and France having orders with 
American bankers to buy all exchange offered at certain prices. As 
most of the other exchanges were controlled by London and Paris, this 
move resulted in fixing the prices of nearly all the exchanges. When 
the war was over, however, this *' pegging" of exchange rates was 
discontinued. 



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INTRODUCTION 



Suspension of gold paTments is still in effect. In the case of many 
enrrencies, it is not expected that gold payment will be resumed for a 
considerable period, and in the meantime the present and future value of 
these currencies is controlled by factors quite other than the value of 
the gold for which they are theoretically exchangeable. 

Exchange Bates and the Trade Balance 

The first of these controlling factors is the trade balance. Commerce 
between countries is barter, the swapping of goods for other goods. 
Money and bills of exchange are nothing but a part of the machinery 
for effecting this barter. We ship to Great Britain cotton, wheat, 
tobacco; Great Britain sends us linens, woolen goods, earthenware and 
other manufactures, also goods from other countries, like coffee from 
Brazil, which Britain owns because she has shipped hardware, etc., to 
Brazil. Foreign exchange, the exchange of drafts and cheques between 
countries, is also barter, not of goods themselves but of the value of 
them, a payment in one place being exchanged for a payment in another 
place. But the basis of the transaction is the movement of goods be- 
tween one point and another. A country which is importing goods in 
large volume needs foreign exchange (sterling, for instance) with which 
to pay for them; if the imports are small relative to exports there is no 
such need. (Generally speaking the goods imported pay for the ^oods 
exported, the difference or balance one way or the other being paid in 
gold or securities. However, as goods rarely move into and out of a 
country in equal value week by week, exchange is at all times being 
bought or sold as the necessities of the period require. The more urgent 
the demand for sterling to pay for imports, the higher will be the 
price of sterling as expressed in the local currency; the less the demand 
for sterling, the lower will be that price. When Great Britain, on the 
other hand, needs the currency of the other country to pay for goods 
exported from that country, the demand will be the other way subout, 
not for sterling but for the local currency, and the price of sterling will 
fall. 

An American dollar, a pound sterling or any other currency, simply 
represents the value of goods or services which can be bought witl^ it at 
any given place. The price of the pound at New York is a way of ex- 
pressing the value of American goods which the pound will buy at New 
York. Normally, the British pound will buy $4.86^ worth of American 
goods. When British demand for American goods is urgent, competitive 
bidding by British merchants or bankers inclines them to pay more and 
more for the goods, in other words to take less and less for their pound; 
instead of $4.86^ worth of goods, they will take $4.85, $4.84, or less. 
If their demand for American goods is light they will not pay so much 
for them, or in other words they will not let their pound go for so little, 
but will demand $4.87, $4.88, or $4.89 worth of goods for it. 

During periods of normal trade movement the price of the pound at 
New York (the value of American goods it would buy) rarely moved 
outside these limits $4.84 to $4.89%. At $4.84 or below, it was cheaper 
for the Briton to buy our goods with gold than with a pound's worth 
of goods, therefore at $4.84 gold would leave London for New York. 
At $4.89% or higher, on the other hand, the Briton would not take our 
goods; they were too high; he would send a pound's worth of his own 
goods and get $4.89% of our gold; with that $4.89% worth of gold the 
Briton could buy more goods elsewhere than he could get from us. 



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KIMBBR'S RECORD OF GOVERNMENT DEBTS 

Therefore at $4.89% or higher, gold, not goods, would leave New York 
for London. So smoothly did these processes work that for over thirty 
years before the war the highest price of sterling at New York was 
$4.91, the lowest $4.82. 

We have used sterling as our illustration thus far because our 
readers are perhaps more familiar with sterling than with any other 
foreign currency. At the present time all foreign currencies are worth 
in American money the value of the goods they will buy (expressed in 
American money), and the foreign demand for all currencies is con- 
trolled by the demand for the goods produced or controlled by the 
country which has issued that currency. 

The influence of the trade balance upon the price or value of any 
currency, therefore, is apparent. Aside from other factors, the nation 
whose trade balance is steadily unfavorable finds the exchange value 
of its currency kept down through lack of demand for that currency 
to buy the goods it produces; the nation whose trade balance is favorable 
or is recovering finds the exchange value of its currency supporte4 by 
the demand for that currency to pay for the goods it produces. Just 
as the position of the trade balance from time to time indicates pros- 
perity or depression in the country concerned, so does the movement of 
that trade balance indicate expected movement in the price for its 
currency. 

Inflation and Deflation 

The volume of paper currency in circulation affects the value of each 
unit of that currency. It is not necessary here to go into the quantita- 
tive theory of money; ample material for a study of this is already avail- 
able elsewhere. Of interest to American purchasers of foreign currency 
securities is the future exchange value of such currencies and the proba- 
bility or otherwise of their being again quoted at the prices that pre- 
vailed before this inflation took place. Considering this question, we 
may perhaps group currencies into four classes : 

The first and lowest class is the currency which is outstanding in 
such volume that there is no prospective redemption in gold for it, 
and which while quoted as having a certain *'par value" actually 
has no such par value and never did have. Such are the currencies 
of certain new States, the monetary units of which are called by names 
corresponding to the names of pre-war monetary units of other States. 
These new currencies are little more than fiat money; they are abso- 
lutely inconvertible into anything but goods and services in the country 
of issue. Their exchange value is controlled by the value of the goods 
they will buy, but the continued issue of such currency further de- 
preciates its exchange value. Cessation of issue may make stabilization 
possible, but such currencies can never "come back to par" because 
there is not now and never was a par value for them. The currencies 
referred to are those of Austria, Hungary, Finland, Poland, Czecho- 
slovakia, Esthonia and Latvia. The exchange values of these cur- 
rencies in foreign markets may advance to points considerably higher 
than the present quotations, but it is impossible to envisage a time 
when these countries can make their huge volumes of paper currency 
redeemable in gold at the theoretical parities referred to. 

The second class comprises those currencies which before the war 
were on a sound basis, but the value of which has been greatly diluted 
by subsequent issue of paper money with no corresponding increase in 



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INTRODUCTION 



the metallic cover. Such currencies are the German mark, the Russian 
ruble, the Rumanian leu, the Bulgarian leva, the Greek drachma and 
the Serbian dinar. These currencies once had an exchange value approxi- 
mating more or less actual gold parity, but the inflation has been so 
great that the prospects for ultimate redemption in gold at original 
parity would appear to be remote. 

The third class includes currencies such as those of France, Belgium 
and Italy. The exchange values of these have been greatly depreciated 
from over-issue of paper money, but some control of these issues has 
been achieved. Provided there is no further inflation, stabilization 
can be effected; if considerable amounts of this paper are withdrawn 
from circulation (as already has been done with the French franc) 
an increase in the value of each unit may confidently be looked for. 

The fourth class is composed of currencies which have suffered com- 
paratively little from inflation, in some cases not at alL These are cur- 
rencies which prior to the war were redeemable in gold and which now 
enjoy substantial gold cover; the -gold, however, is not now iEivailable 
for their redemption because of the suspension of specie payments. The 
return of these currencies to actual gold parity need not await re- 
demption in gold, as the present exchange values of some of them 
amply demonstrate. While redemption in gold is suspended the ex- 
change values of these currencies will be controlled by the trade balance 
more than by any other factor. 

Oourse of Prices 

Figures showing average wholesale price levels from month to month 
are furnished by the chief countries of the world. The course of these 
prices up or down reflects the purchasing power of a currency in its 
own country. As the value of any currency is the value of what it 
will buy, increased purchasing power for any currency forecasts higher 
prices for that currency; decreased purchasing power forecasts lower 
prices. The trend df purchasing power, therefore, is an important 
index of the effects of the trade balance and inflation or deflation. 
These price levels reflect the actual value of a currency more accurately 
than any other index. 

In this edition of the Record of Government Debts (the sixth annual) 
the sections which present credit memoranda on the various National 
and State Governments have been considerably expanded, and it is 
hoped that the material furnished will be of real assistance in forming 
judgments on the financial position of these Governments. 

The book furnishes details of the provisions of issue of all out- 
standing bonds of every national Government in the world. It also 
includes descriptions of the bonds of all the principal States and other 
governmental sub-divisions, except the States of the United States 
of America. It includes all foreign municipal bonds that have been 
offered or traded in throughout this country, and all foreign corpora- 
tion and railroad issues which have been offered here. 

Subscribers who require current information on foreign securities 
and the movements of international finance will find the field covered 
in "Kimber's Reports on Foreign Securities and International Finance," 
a semi-monthly service. Full particulars of this service will be furnished 
by request. ALBERT W. KIMBEB. 

New York, May 15th, 1922. 



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INDEX 
A 

Page 

Aachen (Germany) 529 

Aarhus, City of (Denmark) 430 

Alagoas, State of (Brazil) 130 

Alberta, Province of (Canada) 243 

Alberta & Great Waterways Railway 246 

Alexandria, City of (Egypt) 448 

Altona (Grermany) v 529 

Amazonas, State of (Brazil) 130 

Amsterdam, City of (Holland) 576 

Antofagasta, City of (Chile) 348 

Antwerp, City of (Belgium) 101 

Aquascalientes, State of (Mexico) 640 

Arecibo, City of (Porto Rico) 804 

Argentina 33 

External Loans 41 

Internal Loans 51 

Guarantees 53 

Cedulas 53 

Provincial Loans not Guaranteed 39 

Banco Hipotecario Nacional , 56 

Buenos Aires, Province 57 

Buenos Aires, City 65 

Bahia Blanca, City 69 

Cordoba, Province 69 

Corrientcs, Province 70 

Entre Rios, Province 71 

Mendoza, Province ♦. 73 

San Juan, Province 73 

Santa Fe, Province 74 

Rosario, City 76 

Santa Fe, City 77 

Tucunftin, Province 78 

Augsburg (Germany) 529 

Australia 192 

Government Bond Issues 196 

New South Wales 201 

Sydney, City of 206 

Queensland 208 

Brisbane, City of 211 

Metropolitan and Ipswich Water Supply and 

Sewerage Board 211 

South Australia 212 

Tasmania 215 

Victoria 216 



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KIMBER'8 RECORD OF GOVERNMENT DEBTS 

Australia (continued) Page 

Melbourne, City of 219 

Melbourne Electric Supply Co., Ltd 219 

Melbourne Harbor Trust 222 

Western Australia 222 

Austria 81 

Government Pre-war Bonds to be Exchanged 83 

Government Bond Issues 85 

Vienna, City of 88 

Austrian Gov't Pre-war Bonds to be Exchanged 83 



Baden, State of (Germany) 517 

Bahia, State of (Brazil) 132 

Bahia, City of (Brazil) 135 

Bahia Blanca, Qty of (Argentina) 69 

Barmen (Germany) 530 

Bavaria, State of ((Germany) 517 

Belgium 90 

Government Bond Issues 95 

Antwerp, City of 101 

Brussels, City of 102 

Belgian Corporation Bonds 103 

Lottery Loan of 1921 100 

Federation des Co-operatives Pour Dommages de 

Guerre 100 

Bello Horizonte, City of (Brazil) 141 

Bergen, City of (Norway) .• 658 

Berlin (Germany) 530 

Berne, City of (Switzerland) 748 

Bolivia • 105 

Government Bond Issues 110 

Bolivia Railway Co Ill 

Bonn (Germany) 531 

Bordeaux, Citjr of (France) 495 

Boxer Indemnity (China) 358 

Brazil 113 

Funding Plans 121 

Government Bond Issues 121 

Companhia Lloyd Brasilciro 126 

Goyaz Railway 129 

Alagoas, State of 130 

Anrazonas, State of 130 

Manaos, City of 132 

Bahia. State of 132 

Bahia, City of 135 

Ceara, State of 136 



12 



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INDEX 

Brazil (continued) Pag*)e 

Espirito Santo, State of 137 

Maranhao, State of 138 

Matto Grosso, State of 138 

Minas Gcraes, State of 139 

Bello Horizonte, City of 14J 

Para, State of 141 

Para, City oi 143 

Port of Para 145 

Parana, State of 146 

Pemambuco, State of 147 

Pemambuco, City (Recife) 148 

Rio de Janeiro, State of 149 

Rio dc Janeiro, City of 150 

Rio Grande do Norte, State of 154 

Rio Grande do Sul, State of 155 

Peiotas, City of 156 

Porto Alegre, City of 157 

Santa Catharina, State of 158 

Sao Paulo, State of 161 

Sorocabana Railway Loan 163 

Sao Paulo, City of 165 

Paulista Railway Company 167 

(Companhia Paulista de Estradas de Ferro)... 167 

Santos, City of 170 

Bremen (Germany) 531 

Breslau (Germany) 532 

Brisbane, City of (Australia) 211 

British Columbia 250 

British East Africa 284 

British Empire 173 

United Kingdom 173 

Advances to Allies 179 

Bank of England 174 

Currency Notes 175 

Government Bond Issues 179 

Guaranteed Bends 191 

Colonies : 

Australia 192 

Canada .*. . 284 

British East Africa (Kenya) 284 

Ceylon 285 

Gold Coast 287 

Hong Kong 288 

India 289 

Irish Free State 296 

Jamaica 298 

Mauritius 300 

New Foundland 306 

New Zealand 301 

Nigeria 310 

Sierra Leone 311 

Straits Settlements 311 



18 



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KIMBER'8 RECORD OF GOVERNMENT DEBTS 

British Empire (continued) Page 

Sudan (Anglo Egyptian) 313 

Trinidad and Tobago 314 

Union of South Africa 316 

Zanzibar 324 

Brunswick, City of (Germany) 532 

Brunswick State of (Germany) 519 

Brussels, City of (Belgium) 102 

Budapest (Hungary) 592 

Buenos Aires, City (Argentina) 65 

Buenos Aires, Province (Argentina) 57 

Bulgaria 325 

Bond Interest Payments 328 

Govemnfent Bond Issues 329 





Caja de Credito Hipotecario, Santiago (Chile) 347 

Caja de Prestamos (Mexico) 639 

Culcutta Port Commissioners (India) 295 

Canada 227 

Canadian Securities (German Stamped) Forfeit to 

Gov't 230 

(jovemment Bond Issues 231 

Government Railways 237 

Canadian Northern Railway 238 

Grand Trunk Pacific Railway 238 

Grand Trunk Railway Ccmpany of Canada 239 

Railway Guaranteed Bonds 241 

Provinces : 

Alberta 243 

British Columbia 250 

Manitoba 255 

New Brunswick 262 

Nova Scoria 266 

Ontario 268 

.Prince Edward Island 276 

Quebec 277 

Saskatchewan 280 

Canadian Government Railways 237 

Canadian Northern Railway 238-24 1-245-256-280 

Canadian Northern Alberta Railway 243 

Canadian Northern Ontario Railway 243-269 

Canadian Northern Pacific Railway 251 

Canadian Northern Western Railway 245 

Canadian Securiries (German Stamped) Forfeit to Govt. 230 

Cape Province (British Empire) 320 

Carlsbad, City of (Czecho- Slovakia) 413 

Cassel ((Germany) 533 

Ceara, State of (Brazil) 136 

14 



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Google 



INDEX 

Page 

Cebu, City o£ (Philippine Islands) 802 

Cedulas (Argentina) 53 

Cedulas (Chilean) 347 

Central Railway of Ecuador 442 

Central Railway (S\vitzerland) 747 

(Teylon (British Empire) , 285 

Charlottenburg ((^rmany) 633 

Chemnitz (Germany) 534 

Chihuahua, State of (Mexico) 640 

Chile 335 

(jovemment Guaranties 340 

Government Bond Issues * 340 

Transandine Railway Guarantee Release 346 

Chilean Cedulas 347 

Caja de Credito Hipotecario, Santiago 347 

Chilean Municipal Bonds 348 

Antofagasta, City of 348 

Concepcion, City of 349 

Valparaiso, City of 349 

Vina del Mar, City of 349 

China 351 

Chinese Maritime Customs 355 

(k)vernment Bond Issues 362 

Boxer Indemnity 358 

Japan, Loans in 372 

(government Railways 374 

Railway Loans 374 

Salt Revenues 356 

International Consortium 360 

Native Consortium .' 361 

Interest on (ierman-held Bonds, payment of 362 

External Loans 363 

Internal Loans 369 

Railway Bond Issues 377 

Christiania, Gty of (Norway) 660 

City of Mexico (Mexico) 638 

Coahuila, State of (Mexico) 640 

Coblenz ((jermany) 534 

Cologne (Germany) 534 

Colombia 387 

Treaty Payments from U. S 390 

(government Bond Issues 391 

Companhia Lloyd Brasileiro (Brazil) 126 

Cbmpanhia Paulista de Estradas de Ferro (Brazil) 167 

Concepcion, City of (Chile) 349 

Compagnie des Chemins de Per du Midi (France) 482 

Compagnie du Chemin de Fer du Nord (France) 484 

Compagnie des (Themins de Fer de Paris a Lyon et a 

la Mediterranean (France) 485 

Compagnie du Chemin de Fer de Paris a Orleans 

(France) 488 



16 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Page 

Constantinople, City of (Turkey) * 764 

Copenhagen, City of (Denmark) 428 

Cordoba, Province of (Argentina) 69 

Cordova, Citv of (Mexico) 643 

Corrientes, Province of (Argentina) 70 

Costa Rica 394 

Credit Communal and Provincial Loan (Italy) 599 

Credit National ''France) 478 

Crefeld (Germany) 535 

Cuba 399 

Government Bond Issues 401 

Havana, Gty of 403 

Czecho- Slovakia 405 

Government Bond Issues 409 

Carlsrt>ad, Citv of 413 

Pilsen, City of 415 

Prague, City of 415 

Royal Bank of Bohemia 415 

(Zemska Banka) 



D 



Danske Landmandsbank (Denmark) 431 

Danzig (Germany) 535 

Darlehnskassen ( Germany) 500 

Darmstadt ((jermany) 535 

Denmark 419 

Consolidated Municipal Loan of 1921 426 

Government Bond Issues 422 

Jutland Telephone Co 427 

(Jydsk Telefon Aktieselskab) 
Municipal Loans: 

Aarhus, City of 430 

Copenhagen, City of 428 

Danske Landmandsbank 431 

Iceland, Kingdom of 431 

Department of the Seine (France) 490 

Dessau (Germany) 536 

District of Columbia (U. S. A.) 799 

Dominican Republic 433 

Dortmund (Germany) 536 

Dresden (Germany) 536 

Duisburg (Germany) 537 

Duesseldorf (Germany) 537 

Durango, State of (Mexico) 641 

Dutch Credit to CJermany 572 

Dutch East Indies 579 



16 



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FOREIGN BONDS 



GREAT BRITAIN FRANCE 

NORWAY (sterling and internal) 

BELGIUM ITALY 

NETHERLANDS DENMARK 



DUTCH EAST INDIES 

CHINA JAPAN 

STRAITS SETTLEMENTS SL\M 

AUSTRALIA SOUTH AFRICA 



All other issues in Sterling, Francs, Quilders, 
Kroner, Lire and other currencies 



A. A, HOUSMAN & CO. 

Members hJew York Stock Exchange 

20 Broad Street, New York 

Telephones Rector 2784 to 2792 inclusive 
Washington Philadelphia Amsterdam (Holland) 

PnVatc Wires to Important Cities 



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SOUTH AMERICA 
CENTRAL AMERICA 

Argentina Brazil 

Chile Colombia 

Uruguay Venezuela 

Guatemala Nicaragua 

Costa Rica Cuba 

Mexico 



We are prepared to give information and quotations 
on Foreign Qovemment, Provincial and Railway 
Issues dealt in on the principal Exchanges of Qreax 
Britain and the Continent. 



A. A. HOUSMAN & CO. 

Members New York Stock Exchange 

20 Broad Street, New York 

Telephones Rector 2784 to 2792 inclusive 

Washington Philadelphia Amsterdam (Holland) 

Private Wires to Important Cities 



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INDEX 



E 

Page 

Ecuador 437 

Government Bond Issues 439 

Guayaquil & Quito Ry 441 

Central Railway of Ecuador 442 

Edmonton, Dunvegan & British Columbia Railway 245 

Egypt 443 

Government Bond Issues 446 

Alexandria, City of 448 

Elberfeld (Germany) 539 

Entre Rios, Province of (Argentina) 71 

Erfurt (Germany) 538 

Espirito-Santo, State of (Brazil) 137 

Essen (Grermany) 538 

Esthonia 449 



F 

Federation des Co-operatives Pour Dommages de Guerre 100 

Federal Farm Loan Board (U. S. A.) 805 

Federal Land Bank Bonds (U. S. A.) 805 

Finland 451 

Helsingfors, City of 457 

Framerican Industrial Development Corporation 495 

France 459 

Monetary System 462 

Bank of France 463 

Government Bond Issues 470 

Credit National 478 

French Railroads 480 

Transportation Act of 1921 481 

Midi Railroad Company 482 

(Compagnie des Chemins de Fer du Midi) 

Nord Railway Company 484 

(Compagnie du Chemin de Fer du Nord) 

Paris-Lyons-Mediterranean Railway 485 

(Cx)mpagnie des Chemins de Fer de Pans a 
Lyon et a la Mediterranee) 

Paris-Orleans Railway Co 488 

(Compagnie du Chemin de Fer de Paris a 
Orleans) 

Department of the Seine 490 

Paris, City of 491 

Soissons, City of 493 

Bordeaux, Lyons and Marseilles 495 

Framerican Industrial Development Corporation . . . 495 

Schneider et Compagnie 496 



19 



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KIMBER'8 RECORD OF GOVERNMENT DEBTS 

Page 

Frank fort-on-Main (Germany) 539 

Fredericton & Grand Lake Coal & Ry. (Canada) 263 

Freiburg (Germany) 540 

Furth (Germany) 540 



G 



(rermany 499 

Darlehnskassen 500 

Reichsbank, The 501 

Reparations Pajrments 505 

Government Bond Issues 509 

(jerman State Bonds: 

Baden 517 

Bavaria 517 

Pfalzische Railway Loans 518 

Maximilian Railway 519 

Nordbahnen (Northern Railways) 519 

Coburg Land Rent Bank 519 

Brunswick 519 

Hesse 520 

Lippe 521 

Mecklenburg-Schwerin 522 

Oldenburg 522 

Prussia 523 

Saxony 524 

Thuringia 525 

Saxe- Weimar 525 

Saxe-Meiningen 525 

Saxe-Gotha 525 

Saxe-Altenberg 526 

Reusse 526 

Schwarzburg-Rudolstadt 526 

Schwarzburg-Sondershausen 526 

Waldeck and Pyrmont 527 

Wuerttemberg 527 

German Municipal Bonds: 

Aachen 529 

Altona 529 

Augsberg 529 

Barmen 530 

Berlin 530 

Bonn 531 

Bremen 531 

Breslau 532 

Brunswick 532 

Cassel 533 

Charlottenburg 533 

Chemnitz 534 

Coblenz 534 

Cologne 534 



20 



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INDEX 

Germany (continued) Page 

Crefeld 535 

Danzig 535 

Darmstadt 535 

Dessau , 536 

Dortmund 536 

Dresden 536 

Duisburg 537 

Dusseldorf 537 

Erfurt 538 

Essen 538 

Elberf eld ^ 539 

Frankfort-on-Main 539 

Freiburg 540 

Furth 540 

Halle 541 

Hamburg 541 

Hanover 642 

Karlsruhe 543 

Kiel 543 

Koni^berg 544 

Leipzig 544 

Lichtenberg (Berlin) 545 

Lubeck 545 

Ludwigshaf en 546 

Magdeburg 546 

Mannheim 547 

Mainz 547 

Mulheim 548 

Munich 548 

Muenster 549 

Nurnberg 549 

Plauen 549 

Potsdam 550 

Saarbruecken 550 

Spandau 550 

Schoeneberg (Berlin ) 550 

Stettin 551 

Stuttgart 551 

Wiesbaden 551 

Wilmersdorf (Berlin) 552 

Wuerzburg 552 

Gold Coast 287 

Gothenburg, City of (Sweden) 734 

Goyaz Railway (Brazil) 129 

Grand Tnmk Pacific Railway (Canada) 238-281 

Grand Trunk Pacific Branch Lines Co. (Canada) 246 

Grand Trunk Railway of Canada 239 

Great Britain, See United Kingdom and British Empire 

Greece 558 

Debt Administration • 555 

Government Bond Issues 556 

Piraeus- Larissa Ry. Loan 557 



21 



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KIMBER'8 RECORD OF GOVERNMENT DEBTS 

Page 

Guatemala 501 

Guayaquil & Quito Ry. (Ecuador) 441 

IT 

Haiti 5t)3 

Halle (Germany) 641 

Hamburg (Germany) 541 

Hanover (Germany) 542 

Havana, City of ( Cuba) 403 

Hawaii (U. S. A.) 799 

Helsingfors, City of (Finland) 457 

Hesse, State of (Germany) 520 

Holland 569 

Dutch Credit to Germany 572 

Government Bond Issues 573 

Municipal Loans: 

Amsterdam, City of 576 

Rotterdam, City of 577 

Corporation Bonds: 

Holland-American Line ... 577 

Rotterdam Bank 578 

( Rotterdam sche Bankvereeniging) 

Dutch East Indies 579 

Holland- Araterican Line 577 

Honduras 583 

Hong Kong (British Empire) 288 

Humacas, City of (Porto Rico) 804 

Hungary 587 

Government Bond Issues 688 

Budapest, City of 592 

Hydro-Electric Power Commission (Ontario) 275 



Iceland, Kingdom of 431 

India 289 

Government Bond Issues 291 

Mysore Province 295 

Calcutta Port Commissioners 295 

Irish Free State 296 

Italy 595 

Bank of Italy 696 

Government Bond Issues 698 

Maremmane Railway 599 

Credit and Communal and Provincial Loan 599 

22 



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INDEX 



J 

Page 

Jalisco, State of (Mexico) 641 

Jamaica (British Empire) 298 

Japan 605 

Bank of Japan 606 

Government Bond Issues 608 

Guaranteed Bonds 613 

South Manchuria Railway 613 

Oriental Development Co 615 

Municipal Bonds: 

Tokio, City of 615 

Nagoya, City of 616 

Osaka. City of 616 

Yokohama. City of 616 

Joint Stock Land Bank Bonds (U. S. A.) 808 

Jugo-Slavia 619 

Jura-Sinrplon 1st Mtg. (Switzerland) 748 

Jutland Telephone Co. (Denmark) 427 

Jydsk Telefon Aktieselskab (Denmark) 427 



Karlsruhe ((krmany) 543 

Kenya (British Empire) 284 

Kiel (Germany) 543 

Kingdom of Iceland 431 

Kongeriget Norges Hypothekbank (Norway) 657 

Konigsberg (Giermany) 544 



Latvia 624 

Liberia 626 

Lichtenberg (Berlin) (Germany) 545 

Lima, City of (Peru) 676 

Lima Light, Power & Trantways Co. (Peru) 677 

Lippe, State of (Germany) 521 

Lithuania 628 

Ludwigshafen (Germany) 546 

Luebedc (Germany) 545 

Luxembourg 629 

Lyons, City of (France) 495 



28 



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KIMBER'S RECORD OF^K)VERNMBNT DEBTS ' 

M 

Page 

Madgeburg (Germany) ^^ 

Malmo, City of (Sweden) 735 

Manaos, City of (Brazil) 132 

Manila, City of ( Philippine Islands) 802 

Mainz (Germany) ^47 

Manitoba, Province of (Canada) 255 

Mannheim (Germany) 547 

Maranhao, State of (Brazil) 138 

Maremmana Railway (Italy) 599 

Marseilles, City of (France) 495 

Matto Grosso, State of (Brazil) 138 

Mauritius (British Empire) 300 

Mecklenburg- Schwerin, State of (Germany) 522 

Melbourne, City of (Australia) 219 

Melbourne Electric Supply Co., Ltd. (Australia) 219 

Melbourne Harbor Trust (Australia) 222 

Mendoza, Province of (Argentina) 73 

Metropolitan and Ipswich Water Supply and Sewerage 

Board (Australia) 211 

Mexico 631 

Government Bond Issues 633 

Guaranteed Bonds 638 

Vera Cruz & Pacific R. R. 638 

City of Mexico 638 

Mexican Irrigation Bonds 639 

Caja de Prestamos 639 

Mexican National Packing Co., Ltd 639 

National Railways of Mexico 640 

State Bonds : 

Aquascalientes 640 

Chihuahua 640 

Coahuila 640 

Durango 641 

Jalisco 641 

Morelos 642 

San Luis Potosi 642 

Sinaloa 642 

Tamaulipas 642 

Vera Cruz 643 

Municipal Bonds: 

Cordova 643 

Oaxaco de Juarez 643 

Parral 644 

Puebla 644 

Saltillo 644 

Midi Railroad Co. (France) 482 

Minas Geraes, State of (Brazil) . . . . - 139 



24 



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Google 



INDEX 

Page 

Montenegro 623 

Morelos, State of (Mexico) 642 

Monte Video. City of (Uruguay) 776 

Muenster ((iermany) 549 

Mulheim ((Jerntany) 648 

Munich (Crermany) 548 

Mysore, Province of (India) 295 



N 

Nagoya, City of (Japan) 616 

Nat^, Province of (British Empire) 322 

National Railways ot Mexico 640 

Netherlands (See Holland) 569 

New Brunswick, Province of (Canada) 262 

New Brunswick & Seaboard Ry. (Canada) 263 

Newfoundland (British Empire) 306 

New South Wales (Australia) 201 

New Zealand (British Empire) ......!..!.!! 301 

Government Bond Issues 302 

Southland County Electric Power Board ,....,[.[[ 305 

Nicaragua q^ 

Nigeria 32q 

Nord Railway Company (France) ......,, 484 

Norway g^g 

Government Bond Issues !!!..!! 653 

Ro>'al Norwegian Land Bank ./..,.......... 657 

(Kongeriget Norges Hypothekbank) 

Bergen, City of gcg 

(^ristiania, City of .....!..!!..!!!!! 660 

Norwegian Land Bank ^t^ 

Nova Scotia, Province of (Canada) . . o«« 

Numberg (Germany) .'.*;.*;;;::;;:;;; 549 

o 

Oaxaca de Juarez, City of (Mexico) 643 

Oldenburg, State of (Germany) 522 

Ontario Hydro Electric Commission :... 275 

Ontario, Province of (Canada) 268 

Osaka, City of (Japan) 616 

Oriental Development Co. (Japan) 615 

P 

Pacific & Great Eastern Railway (Canada) 251 

Panama 663 

Para, City of (Brazil) 143 

26 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Page 

Para, State of (Brazil) 141 

Para^ay 666 

Parana, State of (Brazil) 146 

Paris, City of (France) 491 

Paris Lyons Mediterranean Railway (France) 485 

Paris-Orleans R. R. (France) 488 

Parral, Gty of (Mexico) 644 

Paulista Railway Company ( Brazil) 167 

Pelotas, City of (Brazil) 156 

Pemambuco, City of (Brazil) 148 

Pemambuco, State of (Brazil) 147 

Persia 669 

Peru 671 

Peruvian Corporation 675 

Government Bond Issues 675 

Lima, Citv of 676 

Lima Light, Power & Tramways Co 677 

Philippine Islands 801 

Pilsen, City of (Czecho- Slovakia) 415 

Piraeus-Larissa Ry. Loan (Greece) 557 

Plauen (Cxermany) 549 

Poland 678 

Government Bond Issues 681 

Warsaw, City of 682 

Portugal 683 

Bank of Portugal 683 

Government Bond Issues 684 

Portuguese (Tobacco Monopoly) 685 

Port of Para (Brazil) 145 

Porto Alegre. City of (Brazil) 157 

Porto Rico (U. S. A.) 805 

Potsdam (Germany) 550 

Prague, City of (Czecho- Slovakia) 415 

Prince Edward Island, Province (Canada) 276 

Prussia, State of (Germany) 523 

Puebla, City of (Mexico) 644 



Q 

Quebec, Province of (Canada) 277 

Loans Guaranteed by Province 278 

Queensland (Australia) 208 

R 

Reichsbank, The (Germany) 501 

Reuss (Germany) 526 

Fio Grande do Norte. State of (Brazil) 154 

26 



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Google 



INDKX 

Page 

Rio Grande do Sul, State of (Brazil) 155 

Rio de Janeiro, Gty of (Brazil) , 150 

Rio de Janeiro, State of (Brazil) 149 

Rosario, City of (Argentina) 76 

Rotterdam, City of (Holland) 576 

Rotterdam Bank (HoUand^j 578 

Rotterdamsche Bankvereeniging Coupon Stock 578 

Royal Bank of Bohemia (Czecho-Slovakia) 415 

Royal Norwegian Land Bank 657 

Rumania 687 

(jovemment Bond Issues 690 

Russia 695 

Repudiation of National Debt 700 

Government Bond Issues 701 

External Debt— EHrect Obligations 701 

Exfemal Debt— Railroad Bonds 708 

Internal War Loans 712 

Railroad and Other Obligations 715 



s 

Saarbruecken ((jermany) 550 

St. (Sothard 1st Mtg. (Switzerland) 748 

St. John & Quebec Railway (Canada) 263 

Saltillo, City of (Mexico) 644 

Salt Revenues (China) 356 

Salvador 717 

(jovemment Bond Issues 718 

Settlement of Gov't Debt in Default 719 

San Juan (Porto Rico) 804 

San Juan, Province of (Argentina) 73 

Sab Luis Potosi, State of (Mexico) 642 

Santa C:atharina. State of (Brazil) 158 

Santa Fe, City (Argentina) 77 

Santa Fe, Province of (Argentina) 74 

Santos, City of (Brazil) 170 

Santo Domingo 433 

Sao Paulo, City of (Brazil) 165 

Sao Paulo, State of (Brazil) 161 

Saskatchewan, Province of ( Canada "^ 280 

Saxe-Altenburg ((Germany) 526 

Saxe-Gotha (Germany) 525 

Saxe-Meiningen (Germany) 525 

Saxe- Weimar ((Germany) 525 

Saxony, State of ((jermany) 525 

Sdmeider et Compagnie (France) 496 

Schoeneberg (Germany) 550 

Schwan^rg-Kudolstadt (Germany) 526 

Schwarzburg-Sondershausen (Germany) 526 

Seine, Department of (France) 490 

27 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Page 

Serbia 619 

Siam 720 

Sierra Leone 311 

Sinaloa, State of (Mexico) 642 

Soissons, City of (France 493 

Solvay & Cie (Belgium) 103 

Sorocabana Railway 163 

South Africa, Union of 316 

Southampton Railway 263 

South Australia 212 

Southland County Electric Power Board (New Zealand) 305 

South Manchuria Railway (Japanese (jov't Guarantee) 613 

Spain 723 

Bank of Spain 723 

(Government Bond Issues 725 

Spandau (Germany) 651 

Stettin (Germany) 551 

Stockholm, City of (Sweden) 735 

Straits Settlements 311 

Stuttgart (Germany) 551 

Sudan (Anglo Egyptian) 313 

Sweden ^^27 

Bank of Sweden 728 

(Government Bond Issues 729 

Gothenburg, City of 734 

Malmo, City of 735 

Stockholm, City of 735 

Switzerland 737 

Swiss National Bank 738 

Government Bond Issues 740 

Swiss Federal Railways 745 

Central Railway 747 

Jura-Simplon 1st Mortgage 748 

St. (k>thard 1st Mortgage 748 

Berne, City of 748 

Zurich, City of 749 

Sydney, City of ( Austtalia) 206 



TamauHpas, State of (Mexico) 642 

Tasmania (Australia) 215 

Thuringia, State of C Germany) 525 

Tobacco Monopoly (Portuguese) 685 

Tokio, City of (Japan) 615 

Transandine Railway Guarantee Release ( Chile) 346 

28 



Digitized by 



Google 



INDEX 



Page 

Transvaal (British Empire) 323 

Trinidad and Tobago (British Empire) 314 

Tucuman, Province of ( Arg-entina) 78 

Turkey 751 

Government Bond Issues 754 

Constantinople, City of 764 

u 

Union of South Africa 316 

Government Bond Issues 318 

Cape, Province 320 

Natal, Province 322 

Transvaal 323 

Zanzibar 324 

United Kingdom of Great Britain and Ireland 173 

Advances to Allies 179 

Bank of England 174 

Currency Notes 175 

Government Bond Issues 179 

Guaranteed Bonds 191 

United States of America 783 

(jovernment Bond Issues 785 

District of Columbia 799 

Hawaii, Territory of 799 

Philippine Islands 801 

Cebu. City of 802 

Manila, City of 802 

Porto Rico 803 

San Juan, City of 804 

Huntacas, City of 804 

Arecibo, City of 804 

Federal Farm Loan Board 805 

Federal Land Bank Bonds 805 

Joint Stock Land Bank Bonds 808 

University of Alberta (Canada) 250 

Uruguay 767 

Government Bond Issues 770 

Monte Video, City of 776 



Valparaiso, City of (Chile) 349 

Vera Cruz & Pacific R. R. (Mexico) 638 

Vera Cruz, State of (Mexico) 643 

Venezuela 779 

Vina del Mar, City of (Chile) 349 



29 



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KIMBER'S RECORD OF GOVERN MENT DEBTS 

Page 

Victoria (Australia) 216 

Vienna, City of (Austria) 88 

w 

Waldeck and Prymont (Germany) 527 

Warsaw, City of (Poland) 682 

Western Australia 222 

Wiesbaden, (Germany) 551 

Wilmersdorf (Berlin} (Germany) 552 

Wuerttemburg, State of (Germany) 527 

Wuerzburg (Germany) 552 



Yokohama, City of (Japan) 616 



z 

Zanzibar (British Empire) 324 

Zemska Banka (Czecho-Slovakia) 415 

Zurich, City of (Switzerland) 749 



:<u 



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Latest available information 
on all matters relating to 
foreign bonds and shares 
and the credit of foreign 
governments, states and 
municipalities is regularly 
given in 

Kimber's Reports on 
Foreign Securities & International Finance 

Published on the 7th and 
22nd ot each month 



Subscription Price $15.00 a Year 



A. W. KIMBER (&L COMPANY 

INCORPORATED 

Financial Statisticians and Publishers 
46 WEST BROADWAY NEW YORK 



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External and Internal 
Government Bonds 



Our Foreign Department is in 
direct, constant cable communica- 
tion with our correspondents in 
London, Paris, Amsterdam, Ant- 
werp, Brussels, Buenos Ayres and 
other foreign markets, and is pre- 
pared to furnish information and 
quote markets on issues listed on 
^1 principal foreign exchanges. 



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MEMBERS NEW YORK STOCK EXCHANGE 



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ARGENTINA 



1,16S,419 square miles. The country is divided into foorteeii 
provinces and ten territories. The Constitution, with certain unimportant 
exceptions, is idenUcal with that of the United States. 

Argentina is essentially an agricultural and stock raising country. 
Bianufacturing industries are growing, but are still in their infancy. 
There is great undeveloped mineral wealth. 

VQWmkJLTIOW 

Census of June 14, 1914, 7,886,2S7; esUmated Jan. 1, 1921, 8,500,000. 
The people of Argentina are for the most part of Bhiropean stock, 
Italians, Spaniards, French, Russians, Austrians. Germans, British and 
Swiss. The Italians and Spaniards predominate. Less than 6 per cent 
of the total population is of non-Caucasian blood (there is 11 per cent, 
in the United States). 

VATIOVAK WBALITM, 

Dr. Alejandro EL Bunge, director general of the Argentine National 

Bureau of Statistics, makes the following estimates of national wealth 
of Argentina for the years 1908 and 1916: 

U. S. Dollars. 

Form of wealth 1908 1916 

Lands and grounds 2,768,000,000 4,510,000,000 

Fixed investments 267,000.000 466,000,000 

Cities and villages 2.647.000.000 . 2,887,000.000 

Personal and household effects 637,000,000 722.000,000 

Live stock 628.000,000 1.860.000,000 

Agricultural products 680,000,000 680,000,000 

Industrial products 687.000.000 700.000.000 

Agricultural implements and ma- 
chinery 78,000,000 172.000.000 

Industrial machinery 170.000,000 187.000.000 

Stock of gold 168,000.000 '888.000.000 

Railways 890.000.000 1.488.000.000 

Street railways, telegraphs, tele- 
phones, electricity and gas 

works 256,000,000 290,000,000 

Port works, canals, ships 266.000,000 280,000,000 

Total 9,820,000,000 18,866,000,000 

Complete later figures are not available, but it is stated that invest- 
ments of Argentine capital In industrial enterprises increased from about 
$260,000,000 in 1914 to 1800.000.000 in 1919. Argentina is rapidly increas- 
ing her ability to supply her own demands for capital; the tables of 
national public debt are expressive on this point. 

During 1920 Argentina occupied almost as favorable a position as 
the United States in respect of investment in European bonds. This, of 
course, was a temporary situation due to the condition of the foreign 
exchanges. The credits of $100,000,000 each made to Great Britain and 
France during the war constituted the first of these investments, the 
credits covering the sale to those countries of wheat and other Argentine 
products. Subscriptions in Argentina to the French Liberation Loan of 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

1918 amounted to about 126.000,000 frAncs and to the 6% loan of 1920. 
60.000.000 francs. Argentinians subscribed over 500,000,000 lire to the 
Italian 5% Internal loan of 1920; the entire proceeds from this subscrip- 
tion were utilized in purchasing products for shipment to Italy. 

During 1921 Argentine purchases of foreign securities were inconsider- 
able; on the other hand, large amounts of Argentine external bonds, 
previously bought back from Europe, were resold in the United States. 

7or«lgn Capital XBTMt«d in Arg^ntiiut Is estimated by Dr. Alberto B. 
Martinez, the Argentine statistician, to be between 14,000,000,000 and 
14,500,000.000 (in 1918). including government, state and municipal bond 
Issues amounting to about $650,000,000. Of this total. Great Britain is 
credited with from $2,000,000,000 to $2,500,000,000. The British invest- 
ments include over a billioh dollars Invested in the construction of 
railways, including the most Important lines In the Republic, and the 
remainder has been placed In Government loans, public utilities, land 
enterprises, sugar plantations, cattle ranches and meat establishments, 
banks, department stores, etc. A large part of the national debt of 
Argentina Is held in Great Britain, as are numerous provincial and 
municipal securities. The British-owned banks are an important factor 
in the Argentine Republic. 

France has placed upward of $400,000,000 in Argentina, including Im- 
portant Investments In banks. Government loans, railway systems, land 
enterprises, etc. German Investments are next In Importance, Teutonic, 
interests controlling public utilities that operate In Buenos Aires, Rosario, 
and elsewhere. A number of large land and cattle concerns have also 
been financed by Germans. It is estimated that nearly $250,000,000 of 
German capital Is Invested in Argentina. These sums have been so 
carefully placed that great commercial advantages have been obtained by 
Germany. 

Considerable amounts of Government bonds are held In the Nether- 
lands, and Dutch capital is also Invested in banking institutions; an 
Important steamer line of Dutch nationality maintains a regular service 
to the River Plate. Italian and Spanish capital Is also present, mostly 
in banks. Belgian capitalists control certain banking Institutions and 
hold some land investments. 

The Investment of American capital In Argentina is Increasing. In 
1921 It was estimated that $300,000,000 had been placed by Americans 
in Argentine Government bonds, and In banks, public utilities. Industrial 
and railroad securities. 

ICoMtary unit, Gold Peso = $0.9648 U. S. Paper Peso = $0.4246 U. S. 

The Argentine gold peso is designated by the sign $o/s, the o/s stand- 
ing for "oro sellado" (coined gold). The paper peso is designated by 
$m/n, the m/n standing for "moneda naclonal" (national money). 

Argentine currency, the paper peso. Is supported by a large gold 
reserve, and Its value is fairly stable. The Oflfice of Conversion (Caja 
de Conversion), established In 1899. receives gold on deposit and issues* 
In exchange demand notes, which are the currency of the country. Very 
little gold Is in circulation. Rate of conversion Is officially fixed at 44 
per cent., that Is, for every 100 pesos gold deposited the Office of Con- 
version Issues 227.27 pesos paper, and for every 100 pesos paper presented 
there Is issued 4 4 pesos ptld. 

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The suspension of gold payments by the Conversion Office, which 
was decreed at the begrinningr of the war, is still in force (March, 1922). 

During: the period from December 31, 1914, to December 31, 1921. 
Argrentina's fiduciary circulation increased from 823.000,000 pesos paper 
to 1.362.563.073 pesos paper, but the grold held asrainst this circulation 
also increased from 224,000,000 pesos sold to 470,600.126 pesos grold. The 
ratio of sold to paper (counting: one paper peso as equivalent to 44 cen- 
tavos in gold) increased from 63.6 to 78.6 per cent. 

More detailed figfures are as follows: 

Dec. 31 Circulation Gold 

1921 1,862,563,973 480.600.126 

1920 1,362,563.507 470,599.921 

1919 1,177,174.476 399,028.747 

1918 1.013,136,756 378,900.000 

1914 828,000,000 224,000,000 

The ^eat Inciease In gold holdings is due to the unusually large 
balances of trade in Argentina's favor during and after the European War. 

One of Argentina's problems is this excessive amount of gold in the 
Caja de Conversion, the gold representing a cover of about 78 per cent, for 
the paper currency. The emergency laws passed in 1914, whereby the CaJa 
de Conversion suspended the delivery of gold coin against receipt of the 
equivalent value in paper currency, are still in force, as is also the pro- 
hibition of exports of gold decreed by the same laws. There has been 
considerable agitation in favor of the reopening of the CaJa as a means 
of stabilizing exchange; on the other hand it is maintained that this would 
not be desirable so long as most of the countries to which Argentina's 
exports go are not on a gold basis. Politics has played its part to pre- 
vent a solution of the difBculty on a strictly economic basis, but apparently 
public opinion is coming round to a point at which the exi>ort of gold 
would not arouse serious protest provided an adequate gold cover for 
the currency were maintained. It has been argued in the Argentine press 
that a law authorizing the shipment of gold would stimulate both the 
import and export trade of the Republic and would not entail any danger 
to the currency, as along with the gold would go the great surplus stocks 
of Argentine produce, thus re-establishing her normal heavy export balance 
of trade. 



rOBBIOH OOl 



Year 

1921.. 

1920.. 

1919.. 

1918.. 

1917.. 

1916.. 

1915.. 

1914.. 

1918.. 



Total 
Imports 
612,000.000 
837,000,000 
622.820.000 
483,082.000 
367,010,000 
353,316.000 
294,796,000 
311,241,000 
470,869.000 



(In U. S. 
Imports 
from U. S. 



dollars) 
Percent, 
from U. S 



163,676,000 

138,252.000 

103,244.000 

72,944,000 

41,985.000 

70.467,000 



33.9 
36.3 
29.4 
24.7 
13.5 
14.9 



Total 
Exports 
640,000,000 
986.000,000 
1,009,000.000 
773,415,000 
630,914,000 
552,945,000 
561.803,000 
389,022,000 
500,986,000 



Exports 
to U. S. 



Per cent, 
to U. S. 



169.371.000 

166,626,000 

116,540,000 

90,426,000 

47,737,000 

23,728,000 



20.6 
29.8 
20.9 
16.1 
12.3 
4.7 



The above are corrected figures showing actual f. o. b. and c. 1. f. 
values. They do not correspond with the oflflcial figures heretofore issued 

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KIBCBER'S RECORD OF GtOVERNMENT DEBTS 

by the Argentine Direccion General de Estadistlca, and which are the 
flffores usually griven on Argentine foreign trade. 

In the Argentine official returns the export figures are based on the 
current market values of the merchandise, but are only approximately 
correct. Import figures, however, bear no relation whatever to current 
market values. They are based on the "aforo" or officially fixed valuation 
for Customs purposes as contained in the tariff of 1906, with slight 
subsequent modifications. These valuations, while they approximated 
current market values in 1906, now show wide variations from them. 

The actual value of the imports in 1920 is estimated as 196.8% higher 
than the nominal or official values. In 1921 actual values are figured as 
122.S% higher than official values. 

Trade between the United States and Argentina in 1921 was only about 
40 per cent, of the 1920 totals. Figures of the United States Department 
of Commerce show imports from Argentina to the United States in 191S, 
$228,888,000; in 1919. $199,168,000; in 1920, $207,777,000; in 1921, $69,926,000. 
Exports from United States to ArgenUna in 1918, $106,106,000; in 1919. 
$168,899,000; in 1920, $218,726,000; in 1921. $110,838,000. There is a wide 
discrepancy between United States Government and Argentine Government 
figures. 

The 1921 decline in values of imports and exports is partly due to 
lower prices, the price recession on exports (chiefly agrricultural products) 
being greater than the lower prices on imported articles (chiefly manu- 
factures). But there was a serious falling off also in quantities of goods 
exported in 1921 as compared with 1920. Some of the chief items are 
given in the subjoined table (complete flgures not yet available): 

1921 1920 

Wheat, tons 1.669.700 6,048.000 

Ctorn, tons 2.757,000 4,410,000 

Linseed, tons 1.809,600 1.080,000 

Flour, tons 45,000 166,000 

Wool, bales 857.000 229,000 

Butter, cases 810,000 607,800 

Quebracho Ext, tons 120,700 114,000 

In common with all other agricultural States, Argentina suffered in 
1921 from the slackened demand for her products and the lower prices 
obtainable for them. On the other hand, the higher prices obtained for 
her exports from 1914 to 1920 by no means offset the higher prices paid 
for her imports of manufactured goods. For instance, though the value 
of imports in 1918 was substantially the same as in 1913. in quantity the 
1918 imports were only a little over one-third those of 1913; in 1919 they 
were one-half those of 1913. and in 1920 the quantity of goods imported 
was approximately 70 per cent, of the quantity imported in 1913. though 
the 1920 figures of value are much higher than those of 1913. 

It is noteworthy that Argentina has not permitted inflation of imports 
beyond the point where a favorable balance of trade could be maintained. 

Invisible Trade Balmaoe: 

Aside from payment for commodities exported, Argentina normally has 
an average income from abroad of from $90,000,000 to $100,000,000 (U. S.) 
annually, comprising interest on foreign securities held in Argentina, 
interest and amortization on loans to British and French Governments, 
expenditures of commercial agents and other travelers in the country, etc. 

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ARGENTINA 



Payments due to other countries from Argentina, other than for com- 
modities imported, amount approximately to 1250,000,000 (U. S.) annually, 
made up chiefly of interest and dividends on foreign capital invested in 
Argentina together with remittances from immigrants in Argentina to 
friends abroad. 

Argentina is therefore a debtor to the outside world in the amount of 
approximately $150,000,000 (U. S.) annually, and must have an average 
annual excess of exports over imports of that amount to balance her 
account. 

The value of the total foreign trade of Argentina per capita increased 
from |58 in 1900 to |100 in 1907, then steadily rose to $135 in 1913. The 
figures during the early years of the war were lower, and those since 
the war have been much higher because of higher prices. 



CK>ir3nuf]CEjrT mstsmjtb 

The Budget project for the year 1922 provides for an expenditure 
of $648,209,254.66 paper in cash and $51,747,250 paper in bonds; total 
$599,956,504.66 paper. This expenditure is distributed as follows: 

(in pesos paper) 

Administration $527,592,991.70 

Public Works (in bonds) 51,747.250.00 

Subsidies 20,616,261.96 



$599,956,504.66 



The estimated revenues for Subsidies balance the estimated expenditure, 
being derived from the National LiOttery, tax on horse-racing, and tax on 
perfumes and specifics. In the event of these being Inadequate the project 
authorizes recourse to general revenue. The revenue estimated in respect 
of general and public works expenditure amounts to $551,931,685.26 paper — 
that is, there is a deficit of $27,408,556.45 paper, which falls on the Public 
Works section. To make this deficit good, the budget authorizes the 
E2xecutive to issue internal or external bonds of the public debt up to a 
total of $30,000,000 paper at 6 per cent, with 1 per cent amortization. 

No budget law was passed for 1921, the law of 1920 being continued in 
operation from month to month by legislative voting of "twelfths," but 
the Finance Committee of the House of Representatives estimated for 
expenditures for the year at 491,250,366 pesos paper. Official flgrures of 
actual revenues and expenditures even for 1920 are not yet published, 
but in the subjoined table the budget flgrures-for 1921 are given in com- 
parison with actual figures for a series of years. 

(in pesos paper) 
Year Revenue Expenditure Deficit 

1921 459,674,694 491,250,366 

1920 459.574,694 459,171.586 

1919 379,946,818 429,000.000 49,054,687 

1918 297.578,216 421.053,107 123,479,891 

1917 228,248,855 389,571,152 161,327,297 

1916 232,585.318 374.645.598 142.060.280 

1915 230.251,286 899,928.958 169.677,699 

1914 250.067,601 419.639.608 169,572.007 

1913 349.299.429 403.438.978 54,139,549 



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KIMBER'S RECORD OP GOVERNMENT DfiBTS 

Due to the continuous deficits of the war period Argentina had accumu- 
lated a floating debt of some 636,817.477 pesos paper as of December 31. 
1921. This is largely in the form of six months Treasury Bills or Certifi- 
cates of Indebtedness, at rates of from 5% per cent, to 6>4 por cent, 
per annum. Proposals have been made for consolidation or funding, 
either by an internal or an external loan, or both. 

During the European War the financial admlstration of Argentina, 
like that of other South American States, was faced by unusual difficulties. 
The revenue from Customs duties, due to the reduction in Imports, 
seriously decreased; the government's expenditure, on the other hand, 
tended constantly to outrun the estimates, due in part to the continuous 
increase in prices. The following table illustrates this point: 
(Figures are In paper pesos = $0.4245 U. S.) 

Revenue Expenditure 

Estimated Actual Estimated Actual 

1914 $494,000,000 $250,000,000 $422,000,000 $420,000,000 

1915 393.000,000 230.000.000 393.000.000 400,000,000 

1916 393.000.000 248,000,000 343.000.000 27?,000,000 

1917 376.000.000 253,000,000 386,000,000 390.000.000 

Argentina met this, emergency by the issue of various short term 
loans, treasury bills, and bonds. 

According to the official returns. Argentina has shown a revenue 
deficit annually for over fifty years. These are not all actual deficits, 
however. While the reports of actual expenditure include payments 
made on account of extraordinary items authorized by the budget as well 
as by special laws and decrees, the proceeds of any sources of revenue 
assigned to cover these items are not Included In the actual revenue 
reported. This introduces an element of confusion Into Argentinian 
official reports which makes it difilcult to estimate the actual revenue 
and actual expenditure of the government with any degree of accuracy; 
the figures given, therefore, must be regarded as approximate only. 
Comparison over a series of twenty years shows a steady increase in 
actual revenue and actual expenditure; annual deficits, however, showed 
no corresponding Increase until 1910. 

HATZONAXi FVBXiZO DBBT 

External Funded Internal Funded Internal Funded 
At December 31 £ Sterling Pesos Gold Pesos Paper 

1921 76.661.522 

1920 79.800.814 

1919 92.874.116 53,657.100 214,239,700 

1918 95.095,843 54.397,600 L19. 059.300 

1917 97,209,984 55,066.200 223.295,500 

1916 98.893,631 2.564,500 214,178,840 

1915 101.116.822 2.715.400 169.171340 

1914 91.712.062 2,842,500 177,493.000 

1913 92.759,832 2.961.200 167.619.000 

Figures of Internal funded debt are not available for any later date 
than' December 31. 1919. The external loan for $50,000,000 issued in the 
fnlted States in October. 1921, is classed by the Government as fioating 
debt, and Is Included in the figures of floating debt given elsewhere. The 
proceeds of this loan were used by the Government as stated in the 
description of that issue. 



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There are two major discrepancies between the above figures and 
those ordinarily given for the National Public Debt of Argrentina. The 
first is in the total of external funded debt. As ^ven above the figures 
do not include the amounts outstanding of the various issues of cedulas. 

The Government of Argentina guarantees interest and amortisation 
of the cedulas issued by the National Mortgage Bank (Banco Hopotecario 
Nacional). Cedulas are certificates issued in different series bearing 
interest at 5 and 6 per cent The amount of cedulas outstanding De- 
cember 31, 1921, was approximately $297,500,000 (U. S.). The Govern- 
ment of Argentina has never been called upon to make any payment 
In respect of its guarantee of these cedulas; they should be considered 
as no more than a contingent liability of the Government. » Cedulas are 
not issued in £ sterling or In any other foreign currency, but In Argentine 
currency, paper and gold; they are in no sense external debt, though 
European and American Investors have bought them from time to time. 

The second discrepancy is found in the figures of internal gold debt. 
The Argentine Government reports include as internal debt four loans 
(5% of 1907. 6% of 1909. S% of 1910, A^^Tc of 1911) which were, in fact. 
Issued abroad, and appear to be of a purely external nature. Their 
amounts outstanding are Included in the figures of external funded debt. 

Argentina has practically no deadweight debt. All of the outstanding 
external debt has been contracted for the construction of railroads and 
other public improvements, notably the Trans-Andean Railway, the 
splendid port of Buenos Aires, and certain Irrigation projects. While 
all of these enterprises do not directly contribute to the national treasury 
the amounts required to meet interest and other payments on the loans 
in respect of them, they are nevertheless in the best sense productive,, 
and of much greater value In the economic life of the republic, year by 
year, than their cost. 

noating Bebt 

The floating debt of the Argentine Government as of December 31, 
1921, was as follows: 

pesos paper 
External short-term loans (the $50,000,000 2-year 

7% Notes) 117.772,727 

Internal short-term loans and Treasury Bills 288.400,159 , 

Advances from Banco de la Nacion for repayment 

of short-term loans In the United States 71.999.663 

Advances from Banco de la Nacion on current account 110.644.928 
Arrears from previous years 48,000.000 

Total 636,817.477 

These figures compare with 515,797,926 pesos paper In 1920; 650,937.600 
In 1919^ and 587.799.714 pesos paper at December 31, 1917. 

FroTinclAl Xipans not Ouaraateed 

The Provinces of Argentina are autonomous. Their finances are noti 
under the control or supervision of the Argentine Government, and they 
may contract and pay external obligations without Its permission or* 
authority. The position of the Federal Government In this connection was: 
made clear by a decree promulgated by the Minister for Foreign Affairs 
on September 25, 1909. which reads In part as follows: "It has been' 
determined by this Government that from the present date Ministers and 



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ARGENTINE 



INTERNAL LOANS 

EXTERNAL LOANS 

PROVINCIAL LOANS 

MUNICIPAL LOANS 



We specialize in all Foreign Securities 

and are prepare at all times to gwe 

quick and reliable service and 

close quotations 



INQUIRIES INVITED 



Abraham & Co* 

Members of the New York Stock Exchange 

27 William Street 
New York 

Cable Address: Abraco TeL Rector 1 & 2 

Correspondents in all financial centers 



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ARGENTINA 



diplomatic agrents of Argentina must altogrether abstain from intervening 
in negotiations relative to the provincial loans, from giving data relative 
to them, or from interfering with such operations in any sense whatever." 

Government Bond Issues in Detail 
In Three Sections 

Note. — ^Except where otherwise stated the Government has the power 
to increase the sinking fund and to pay off the whole of loan on giving 
due notice. Payment of bonds and coupons is not prescribed by delay, 
but coupons unpaid after Ave years are payable only at the Credlto 
Publico Nacional, Buenos Aires. 

1. External Loans 
ABOBnnrE aoyrr b% XiOav 1884 

Issued £1,714,200. Outstanding £371,100 (Dec. 31, 1921). Intereat 
payable January 1, April 1, July 1 and October 1 in London at Baring 
Brothers & Co. and in Paris at fixed exchange. Interest and principal 
exempt from all Argentine teuEation, and payable in London or Paris, 
at the option of the holders. Bonds in coupon form, of £600 (fcs. 12,600), 
£100 (fcs. 2,600), and £20 (fcs. 600). Repayable by sinking fund 1 per 
cent per annum, cumulative, applied by drawings on March 1, June 1, 
September 1 and December 1, for repayment at par on April 1, July 1, 
October 1 and January 1, at the Banque de Paris et des Pays Bas, Paris. 
Sinking fund cannot be increased. • 

Issued in March, 1884, at 84% to pay for 60,000 shares In the National 
Bank, subscribed for by the Argentine Government. Secured specially on 
the dividends of these shares, and generally on the revenues of the 
Republic 



ABOBVmni OOT^ B% XiOAV 1889-7 

Issued £8,888,000. Outstanding £8,114,900 (Dec 81, 1921). Interest 
January and July 1. Repayable at par by 1929, through Sinking Fund 
1% per annum, cumulative, operating by drawings on June 1 and Decem- 
ber 1 for repayment in July and January. Principal and Interest payable 
in London at Baring Brothers & Co. and Morgan, Orenfell & Co., or in 
Paris at fixed exchange, free from all Argentine taxes, present or future. 
Bonds in coupon form of £1,000, £600, £100 and £20 with the equivalents 
in French currency expressed on them at the rate of 600 francs to the 
£20. 

Issued £4,000,000 in January, 1886, at 80%, and £4,830,000 In January,' 
1887, at 86%%. Secured by the revenues of the Republic, and specially 
upon the Custom House receipts. 

ABOSVTZHB GOV'T B% OOZA ZiOAV OF 1887 
8«iioo iraoloiiAl ZK>a& (Oexmaa) 

Issued 10,291,000 pesos gold. Outstanding about 6,000,000 pesos gold. 
Interest January and July 1 at Buenos Aires and in Berlin (at the Dlscont 
Ctosellschaft) at the fixed rate of 4 gold marks to the gold peso. Re- 

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KIMBERS RECORD OF GOVERNMENT DEBTS , 

payable by Sinking Fund of 1% per annum, cumulative, operating: 
by drawingrs at par in January and July. Principal and Interest payable 
(free of all Argentine taxation present and future) in Buenos Aires, and 
at fixed exchange as above in Berlin, Frankfort, Hamburg and Cologne. 
Bonds in coupon form of |100, |500 and |1,000, with equivalents in marks 
printed on the bonds and coupons. 

Issued at 90% In Berlin, Frankfort, Hamburg and Cologne In August, 

18 87. The principal and interest were originally guaranteed by the Banco 
Nacional, but In February, 1899, holders were given. In settlement of 
all claims against that bank, Argentine National 4% Bonds in the pro- 
portion of £130 4% Bonds for every $10,000 of the 5% loan. 

Hot*: — As of March 1, 1922, coupons and drawn bonds of this loan 
could be encashed only in Germany in marks. The entire service of the 
loan is remitted by the Argentine Government to the Disconto Gesellschaft. 
Berlin, and no provision is made for encashment in Argentine gold. 

ASOEirrZHE OOTT 6% CTOmTSSBZOV BOHDB 1887 

Issued £624.000. Outstanding £263,600 (Dec. 31, 1921). Interest pay- 
able April and October 1. Repayable within 36% years by Sinking Fund 
of 1% per annum, cumulative, operating by drawings in March and Sep- 
tember for repayment at par on April 1 and October 1. Principal and 
interest payable in London, In sterling, free from all Argentine taxes, 
by Baring Brothers & Co., Limited. Bonds in coupon form, of £100 
and £50. 

Authorized by law June 21, 1887, for the conversion of 13.582,315 9% 
Internal Treasury Bonds, of which |3, 044. 100 were exchanged for £624,000 
of this issue, at the rate of £2" lOs of the Conversion Bonds for every 
$100 of the 9^ Treasury Bonds.* 

ASOEirrZVE GOV'T 5% BONDS OF 1887-8-9 
Horthem Central By. Extensions Mtg>. (First Issue) 

Issued £3,968.200. Outstanding £2,027.500 (Dec. 31. 1921). Interest 
payable January and July 1. Repayable by Sinking Fund of 1% per 
annum, cumulative, operating by drawings in June and December for 
repayment at par on July 1 and January 1. Principal and interest pay- 
able in sterling at Baring Brothers & Co., Limited. In London, free of 
all Argentine taxes. Bonds in coupon form, of £100. 

Specially secured by mortgage upon certain extensions of the Northern 
Central Railway in favor of the trustees for the bondholders, and the 
General Bond also provides for the payment of the principal and interest 
"in gold, without reference to the profits or expenses of working of the 
said railways, the Government having to pay the deficit (if any) on 
the service of the Bonds out of the general revenue of the Argentine 
Republic." 

Issued £1.300,000 at 9114'^'r In June, 1887, £1.500,000 at 94% in April, 

1888. and £1,168.200 at 97% in May. 1889. 

ABaBHTZVE GOV'T 4H % ''XXTTEBHAI^" OOI^D I^OAB 1888 

Issued $19,868,500. Outstanding |9, 950.000 Argentine gold (Dec. 31, 
1920). Interest March and September 1. According to the original Bond 
the principal and interest are payable in Buenos Aires in gold, free of 
all Argentine taxes, but the Provincial Bank of Buenos Aires (now 

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ARGENTINA 



wound-up) guaranteed to make both principal and Interest payable at 
flxed rates of exchange In London at Baring Brothers & Co.. Limited, 
and in Germany and Paris. The London rate is |5 to the £. Repayable 
within 38 years by Sinking Fund of 1% per annum, cumulative, operating 
by drawings in March and September for repayment at par on following 
September 1 and March 1. Bonds in coupon form of |100 (£20) |500 
(£100) $1,000 (£200). (Bonds signed by Baring Brothers A Co. or by 
the Deutsche Bank, Berlin.) 

Issued at 87 in October, 1888, in London and Berlin. This issue is 
classed by the Government as an internal loan, but the bonds were all 
sold abroad, and the loan appears to be of a purely external nature. • 

AaOEVTZVS OOTT 4H% COWBBSZOV ImOAM 1888-9 

Issued £5.290.000. Outstanding £2,809.240 (December 31. 1921). In- 
terest April and October 1. Repayable within 39 years by Sinking Fund 
of 1% per annum, cumulative, operatincr by drawings in June and De- 
cember, for repayment at par on following October 1 and April 1. 
The Government may repay the whole loan on six months* notice. 
Principal and interest exempt from all Argentine taxes or duties. 
Drawn Bonds and coupons payable, at the option of the holders, 
at Baring Brothers & Co.. Limited, in London in pounds sterling, 
or in Paris. Berlin. Frankfort-on-Main, Hamburg, or Cologrne at the 
sight rate on London. Bonds in coupon form of £20. £100, £500 an(i 
£1.000. 

Issued in February, 1889. at 90% for the purpose of repaying Argentine 
6% bonds of 1871 and 1882, and Buenos Aires 6% bonds of 1870 and 1873, 
holders of which were offered the option of converting into the new issue. 
£26,440 was drawn before issue, thus making the actual amount of the 
Issue £5.263.5.60. 

AmOSVTZVS OOITT 3H % CONTBBSZOV BONDS OF 1889 

Issued £2,659.500. Outstanding £902.660 (Dec 31, 1921). Interest 
quarterly, January, April, July and October 1. Repayable by Sinking 
Fund of 1% per annum, cumulative, to be applied by purchase (tender) 
if under par. or by drawings at par. Redemption takes place on January 
1 and July 1. Principal and interest payable in London in sterling, free 
from all Argentine taxes, by Stern Brothers. 6, Angel Court. E. C. Bonds 
In coupon form of £1,000, £200. £100 and £20. 

Offered in 1889 In exchange for 112.973.200 6% Internal Bonds of 1868 
and 1876 at the rate of £20 10s of the new for each |100 of the old issue. 

AmOSVmrB OOITT 6% I^OAB of 1890 
VorthMrn CMitral By. Bonds (Second Issue) 

Issued £2,976,000. Outstanding £1.575,320 (Dec. 31, 1921). Interest 
January and July 1. Repayable at par by 1934 through Sinking Fund of 
1% per annum cumulative, applied to drawings in June and December 
for repayment at par on July 1 and January 1. Principal and interest 
payable in sterling, in London, at Morgan, Grenfell & Co., free from all 
Argentine taxation. Coupons not presented within five years of their 
due date are payable only In Buenos Aires. Denominations: coupon £20. 
£100 and £500. 

[over] 
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KIMBER'S RECORD OF G OVERNMENT DEBTS 

The bonds bear the direct guarantee of the Government, and are 
specially charged upon (1) An extension of the Northern Central RaUway 
direct to July througrh Cobos; (2) a complementary road to Salta; and 
(8) the branches from Chumblcha to Catamarca, and from Dean Punes 
to Chlleclto. 

This loan was not issued to the public unUl July. 1908. when £2,770.720 
was offered for sale by the London and River Plate Bank. Limited at 87%. 



AaOBHTZVB OOT^ B% IkOAV OF 1898, 1899, 1908 
Port of BusBos AlTM Debentures 

Issued £2.000.000. Outstandingr £1.286.400 (Dec. 81. 1921). Interest 
April and October 1, at the London & River Plate Bank, Ltd., London. 
Repayable by Sinking Fund of 1% per annum, operating by drawings in 
February and August for repayment at par April and October. Coupons 
not presented within five years from due date cease to be payable In 
London. Bonds in coupon form of £100. 

These bonds are a direct obligation of the Argentine Government, with 
a charge on the harbor works of Buenos Aires, their revenues, the lands 
to be reclaimed from the river until sold, and the proceeds when sold. 

Issued £616,300 in 1899 and £1.480.700 in April. 1908. at 89%. 

Votei — ^The port of Buenos Aires is not the property of the City of 
Buenos Aires, but is owned and operated by the Argentine Governm«&t. 
Custom House collections at the Port in recent years were as follows: 

(in pesos gold) 

1920 1921 

Import duties 64.287,400 70.672.700 

Export duties 28.208.400 7.689.600 

Other Customs and port revenues 20.088.100 6,016.400 

Totals 107.628.900 84.287.700 



ABOBHTZHB OOT^ B% BOHB8 OF 1898 
Buenos Aires Water and Drainage Works 

Issued £6.824.400. Outstanding £4.034.000 (Dec. 81, 1921). Interest 
January and July 1. Repayable by Sinking Fund of 1% per annum, 
cumulative, operating by drawings in June and December for repayment 
at par on July 1 and January 1. or by purchase If below par. All pay- 
ments are made at London in sterling by Baring Brothers & Co., Limited. 
Bonds in coupon form of £600, £100 and £20. 

These bonds are a direct obligation of the Argentine Government, and 
are specially secured on the Buenos Aires water and drainage works and 
their revenues. 

Issued by the Argentine Government on rescission of the original 
contract, under which rescission the contractor company surrendered to 
the Government the work completed and bound itself to finish certain 
other work, the Government paying to the company these £6.824.400 6% 
Bonds, secured upon the works and their revenues. The company was 
released from its obligations In 1898 by the Government, and its place 
taken by J. B. Medici, who undertook the contract. 

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ABonmvB Qcrrr 4% bohbs of 1886-1899 
BailWAj OoASMiteM B^flolMdoa Bonds 

Issued £11,607,100. Outstanding: £8.018,900 (Dec. 81. 1921). Interest 
January and July 1. Bonds are dated May 12, 1896, and April 17, 1899. 
and are repayable at par on or before January 1, 1962, and on or before 
July 1, 1954, respectively, by means of a cumulative Sinking Ftmd of 
%% per annum applied half yearly by purchase if under par, or by draw- 
Insrs at par in June and December for payment on the following July 1 
and January 1. Principal and interest payable, free of all Argentine taxes, 
at Baring Brothers & Co., Limited, London, in sterling, and by their agents 
in Paris and Berlin at the fixed exchange of 26 francs and 20 marks to 
the £ respectively. Bonds in coupon form of £1,000, £600 and £100. 

Authorised under Laws No. 8360 and S760 for settlement of amounts 
owing to various Argentine Railways under guarantees granted by the 
Government, and for certain extensions. 

ABOSBTZVB CKTV^ 4% BOHD8 OF 1897 
Provlnoe of Bnenos Aires Vnlflcation 

Issued £6.746.032. Outstanding £6,279.282 (Dec. 81, 1921). Interest 
April and October 1. Principal repayable by cumulative sinking fund of 
%% per annum (beginning 1901), operating by drawings at par or by 
purchase when the price is below par. Payments are made in sterling 
at Baring Brothers & Co., Ltd., or Morgan. Orenfell & Co., London, and 
at the Deutsche Bank, Berlin in marks at fixed exchange. Bonds in 
coupon form of £20. £100. £500 and £1,000. also one (No. 116.802) of 
£11, 148, lid. Bonds are signed by Baring Brothers & Co. or by the 
Deutsche Bank. 

These bonds were Issued under Law No. 3378 for the unification of 
the Province of Buenos Aires 6% Loans of 1881, 1882-1886 and 1888, and 
6% Loan of 1886. The Province undertook to pay the whole service on 
them to the National (jk>vemment, and assigned to it. as security, 80 per 
cent, gross of the taxes on stamped paper and "gulas"; 40 per cent, of 
the duty on patents; 30 per cent of the "contribucion dlrecta," and, 
specially; the works, lands, and appurtenances of the La Plata Port; any 
surplus realized might be applied to extraordinary amortization. The 
sums thus payable and the guarantees thus given for the payment thereof 
are to be considered as specially affected to the service of the Bonds, 
and cannot In any case be applied by the National Government to the 
service of any other debt or payment whatsoever. Power was reserved 
to the National Government to take over the La Plata Port at an agrreed 
valuation in case of default by the Province. In October. 1904, under 
a special Agreement and not in consequence of any default in the service. 
the Port was transferred to the National Government, in payment for 
which the latter assumed a portion of the Foreign Debt of the Province 
equivalent to the purchase price — $11,871,000 Gold. 

AMavMTJWB Qcrrr 4% bohbb of ISSS 
Banoo Bftdonsa Oosssatess (Buenos Aires) 

Issued £1,527,778. Outstanding £1,170,278 (Dec. 31, 1921). Interest 
April and October 1. Repayable by cumulative Sinking Fund of %% 
per annum (commenced in 1901) applied by drawings or by purchase, at 
the option of the Government. All payments are made at Baring 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Brothers & Co., Ltd., London, free of all Argentine taxes. Bonds in 
coupon form of £1.000. £600. £200. £100, £20 and £10; one of £9 10s 4d, 
> and one of £8. 

Of these Bonds £1.878.968 were Issued under Law No. 3666 of Novem- 
ber 26, 1897, for delivery "in exchange for and by way of payment of 
the claims agrainst the Banco Nacional arising out of the negotiation 
the Municipal (City of Buenos Aires 6%) Loan of 1884." and a further 
£148,810 under Law No. 3,760 of December 16, 1898. was issued to the 
bondholders of the Argentine Government 6% Banco Nacional Loan of 
1886 in satisfaction of all claims against the Banco Nacional in respect 
of its guarantee of principal and interest on that loan. 



AMamWTlWE OOTT 4% BOHB8 OF 1899 
ProTlnos of jianta Fe Unllloatlon 

Issued £3.035,736. Outstanding £2,328,726 (Dec. 31. 1921). Interest 
April and October 1. Principal reK>ayable by cumulative sinking fund of 
^ per cent, per annum (beginning 1901), operating by drawings at par 
or by purchase when the price is under par. Payments are made in 
sterling at Baring Brothers & Co., Ltd., or Morgan, Grenfell & Co., 
London. Bonds in coupon form of £20. £50, £100 and £500 and one of £16. 

These bonds were issued under Law No. 3378 for the unification of 
the Province of Santa Fe 6% Loan of 1883-4 and 6% Loan of 1888. No 
special security has been assigned by the Province to the Argentine 
Government. 

ABOEVTZITB OOT'T 4% FBEVCK ImOAM OF 1899-1900 

Issued 90,000.000 francs. Outstanding, about 79,000,000 francs. In- 
terest April and October 1. Repayable by April, 1957, by a cumulative 
sinking fund of ^^% per annum to be applied to purchase under par, 
or to drawings at par, in September, beginning in 1901. Payments are 
made in Paris by the Soci6t6 Generale pour Favoriser le Developpement 
du Commerce et de I'lndustrie en France, by the Comptolr Natlonale 
d'Escompte de Paris, the Society Generale de Credit Industriel et Com- 
mercial, etc., and at Brussels and Antwerp. Bonds are of 500 francs each. 

Issued in 1899-1900. under Law No. 3.378, in exchange for bonds of 
the Provinces of Catamarca, San Juan, St. Louis, Corrientes. Cordoba 
(the 1888 continental loan only), and Mendoza. all assumed by the 
Argentine Government. 

As a special security for the Province of Cordoba portion, the Province 
undertook to pay the National Government certain annual sums rising 
from 1200,000 Currency in 1900 to |1. 000,000 in 1912, to be maintained 
at the latter figure until its debt to the National Government is ex- 
tinguished. The Land Tax was specially assigned as security for these 
payments. In 1906 a new scale of annual payments was arranged. There 
appears to be no special security as regards the other provinces. 

ABOEVmrS GOV'T 4% BONDS OF 1900 
FroTlnoe of Bntre Bios Vnifloation 

Issued £2,828,515. Outstanding £2,371.556 (Dec 31, 1921). Interest 
April and October 1. Principal repayable by cumulative sinking fund of 
%% per annum (beginning 1906) operating by drawings at par or by 

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purchase when the price is under par. Payments are made in sterling 
at Baring: Brothers & Co., Ltd., London. Bonds are In coupon form of 
£20, £100, £500 and £1,000. , 

These bonds were issued under Laws Nos. 3,378 and 8,788 for the 
unification of Province of Entre Rlos 6% and 6% Loans (including City 
of Parana). The Province bound itself to contribute 1470,000 gold during 
the Ave years 1900 to 1904 towards the interest on the four per cent. 
National Bonds, in annual amounts rising from $80,000 to $800,000 and, 
from, 1905. $256,103 per annum. In*190$ a new scale of annual payments 
was arranged. 

▲BOBVTZVE OOYT 4% BOHDB OF 1900 
Tarious Unifloatioiui 

Issued £2,649.672. Outstanding, about £2.029,493 (Dec. 31, 1921). 
Interest April and October 1. Repayable by cumulative sinking fund of 
^i per cent, per annum operating by drawings • at par or by purchase 
when the price Is below par. Payments are made in London in sterling 
by Baring Brothers & C»., Ltd. Bonds In coupon form of £20, £50, £100 
and £500; one of £1 and one of £10, 14s. 3d. 

These bonds were Issued in conversion of the Province of Tucuman 
6% Loan of 1888 (Laws Nos. 3.378 and 3,885). the Santa Fe Railways 
5% Loans (Law No. 3.885), and the British portion of the Province of 
Cordoba 6% Loans of 1886 and 1887-8 (Law No. 3,378). 

Special security is as follows: As to the Province of Santa Fe, the 
Province bound Itself to pay to the National Government $220,458 gold 
per annum for the service of the National Bonds, the "contribuclon 
dlrecta" being assigned as special security for the payment undertaken. 
In 1900 a new scale of annual payments was arranged. As to the 
Province of Cordoba, see under French Loan of 1899-1900. There appears 
to be no special security in respect of the Province of Tucuman. 

ASOEVTZVE OOY'T 6% "XVTEBVA^" CK>U> KOAIT, 1907 

Issued $35,000,000 (Argentine gold). Outstanding $29,860,000 (Dec. 31, 
1921). Interest June 15 and December 15. Repayable within 37 years, 
by a cumulative Sinking Fund of 1% per annum, operating half-yearly 
by purchase or tender of Bonds at or under par, or by drawings at par. 
Drawn Bonds payable June and December 15. Principal and interest 
payable In Buenos Aires In gold, in London in pounds sterling, at the 
fixed exchange of 4s. per dollar, In Paris In francs at fcs. 5.04 per dollar, 
and In Berlin in marks at the equivalent of 4s. per dollar at eight days' 
sight exchange on London, free from all present and future Argentine 
taxes. Payments In London are made by Baring Bros. & Co., Ltd.. and by 
Morgan, Grenfell & Co. Bonds in coupon form, of £20, £100, £200 and 
£1,000. 

Of these bonds, £2,580,000 were Issued at 97 H in London in March. 
1907, the balance in Paris and Germany. The loan is classified by the 
Argentine Government as an Internal issue, but appears to be of a purely 
external nature. 

ABOSVTXVS GOV'T 4% BONDS OF 1908 
irorth Bastem Ballway Branches 

Issued £818.100. Outstanding £718,200 (Dec. 31. 1921). Interest 
January and July 1. Repayable not later than July 1, 1964, by a eumu- 

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KIMBER'8 RECORD OF <K)VERNMENT DEBTS 

latlve sinking fund of ^% by purohaae or by drawings In June, be- 
fflnnlnfiT In 1909, for payment at par on July 1. Principal and Interest 
(exempt from^all present or future Argentine taxes or duties) payable 
In London In sterling and In Buenos Aires, Paris and Berlin at fixed 
exchange of 48d, per |1, 25 francs per £1. and 20 marks per £1 respec- 
tively. Payments In London are made by Baring Brothers A Co., Ltd. 
Bonds in coupon form of £500 and £100, and one £44 8a lOd. (No. 
4,646). 

Issued and to be Issued up to *a total of £982,867 2s. 9d. to the 
Argentine North Eastern Railway Company In consideration of the con- 
struction and working by the Company of, branch lines. 



ABOBvmnB Qcrrr b% •'nrrxmvA^'' ooza ikOAv, 1909 

Issued 50,000,000 gold pesos, or £10.000,000. Outstanding £8,294,800 
(December 81, 1921). Interest March and September 1. Repayable In 
86 years at the latest by a cumulative Sinking Fund of 1% per ^nnum, 
applied half-yearly by purchase or tender at or under par, or by drawings 
at par for repayment in March and September, ^irst drawing was made 
December, 1909. Principal and interest payable in Buenos Aires in gold 
pesos, in London (By Baring Brothers & Co., Limited, or Morgan, Qren- 
fell & Co.) In pounds sterling at the fixed exchange of 4s. per peso. In 
Paris at fcs. 6.04 per peso, in Berlin at reichsmarks 4.09 per peso, and In 
New York at $0,978 per peso, free from all present and future Argentine 
taxes. Bonds In coupon form, of gold pesos 100 (£20). gold pesos 600 
(£100), gold pesos 1.000 (£200), and gold pesos 6,000 (£1,000). Listed 
on New York Stock Exchange £2.000.000 (110,000,000), (Numbers 1686 to 
11,686 inclusive). Dealings on N. Y. S. E. at |6 to £1. 

Issued in March, 1909, £2,000,000 In New York, by J. P. Morgan & Co., 
and others, at 99, £2,960,000 In London at 98, balance in Paris and Berlin. 

This loan Is classified by the Argentine Government as internal debt, 
but the bonds were all sold abroad and the loan appears to be of a purely 
external nature. 



BVXVOS AZBB8 (Olty of) 6% KOAV OF 1909 
Assumed 1»7 Argentliie Qowram^mt la 1918 

Issued £2,976.180. Outstanding £2,410,820 (Pec. 81. 1921). Interest 
January and July 1. Repayable within 87 years by sinking fund of 1% 
per annum operating by purchase or tender if below par. or by drawings 
at par In May and November. Payments are made free of all Argentine 
taxes, in London in sterling by Baring Brothers & Co., Ltd., also in 
Germany at the Deutsche Bank at fixed exchange of 20.45 marks to the £. 
The right is reserved to increase the sinking fund or pay off the entire 
loan at any time. 

Specially secured upon 44 per cent, of the Industrial Patent tax, and 
upon the general revenues of the City of Buenos Airea All obligations 
of the city in respect of this loan were assumed by the National Govern- 
ment as from January 1, 1918, and the bonds are therefore the direct 
obligation of the Argentine Government. 

Issued as to £1,488.100 in London at 98%. and the balance in Germany. 

ABOBVTm OOT^ 6% •OVTEmVA^" OOI^D ImOAM, 1910 

Issued 6,048,000 Gold Pesos (£1,209.600). Outstanding £1,055,840 
(Dec. 31. 1921). Interest January and July 1. Repayable In 86 years by 



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ARGENTINA 

cumulative Sinking Fund of 1% per annum, applied half-yearly by pur- 
chase or tender under par, or by drawincni at par (first redemption July, 
1911). The Gtovemment undertook not to increase the Sinking Fund or 
to redeem the whole of the loan before July, 1916. Principal and interest 
payable in Buenos Aires in gold pesos, in London in £ sterling at the 
fixed exchange of 4s. per peso. In Paris at fcs. 6.04 per peso, and in 
Berlin at marks 4.09 per peso, free from all present and future Argentine 
taxes. Bonds in coupon form, of gold pesos 100 (£20). gold pesos 600 
(£100), gold pesos 1,000 (£200), and gold pesos 6,000 (£1,000), with 
equivalent values in francs and reichsmarks. Payments in London are 
made by Baring Bros. & Co. and Morgan, Grenf ell & Co. 

Authorised for purchase of* Cordoba and North Western Railway, and 
issued in September, 1910, at 101%. 

This loan is classified by the Argentine Government as internal debt, 
but the bonds were all sold abroad and the loan appears to be of a purely 
external nature. 



AmammTTMB ocrrr 4% bohds or i9io 
Worth. Bastexn mallway Ctontraot 

Issued £411,800. Outstanding £871,677 (Dec. 81, 1921). Interest Janu- 
ary and July 1. Repayable not later than July 1, 1967, by a sinking fund 
of H% P^i* annum, cumulative (commenced 1911), operating by purchase 
when the price is below par or by drawings In June when the prl^e is 
at or above par for repairmen t at par on July 1. Principal and Interest 
P|kyable at Baring Brothers & Co., Ltd., London, in sterling, and in 
Buenos Aires, Paris and Berlin at fixed exchange of 48d. per Argentine 
gold peso, 26 francs per £1, and 20 marks per £1 respectively. Free of all 
present and future Argentine taxes. Bonds in coupon form of £600 and 
£100 and one of £60 16s. 9d. (No. 8,863). 

Issued under Law No. 6.370 and to be Issued up to a total of £466,269 
16s. 9d. to the Argentine North Eastern Railway Company, Ltd., under 
contract with the Government. 



AmOBHTZHB OOT^ 4H% nUVOX JtOAM OF 1011 
•'XBtonua" Gold Aoan of 1911 

Issued 860,000,000 francs (70,000,000 gold pesos). Outstanding, about 
826,196,600 francs (66,289,800 gold pesos). Interest January and July 1. 
Repayable in 89 years by 1% sinking fund, through purchase or drawings. 
Payable in France at the fixed rate of 6 fcs. to the dollar gold. Free of 
Argentine taxes. 

Issued in Paris and Brussels in July, 1911, at 99.60, to provide funds 
for various public works. 

This loan is classified by the Argentine (jk>vemment as Internal debt, 
but the bonds were all sold abroad and the loan appears to be of a purely 
external nature. 



ABOnmVB CKTV^ 6% ZBBZOATZOir BOHB8 OF 1918 

Issued £1,296,200. Outstanding £1.108,900 (Dec 31, 1921). Interest 
January and July 1. Principal is repayable at par, July 1, 1949, by a 
cumulative sinking fund of 1% per annum, commenced in 1918, aPPHsd 
half-yearly in the purchase of bonds below par, or by drawings at par. 



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KIMB ER'S RECORD OF GOVERNMENT DEBTS 

while the government has reserved the right to accelerate redemption, 
or to repay on any January 1 or July 1 the whole of the bonds outstand- 
ing, on six months' notice. Payments are made In London by Baring 
Brothers & Co., Limited, or at any other house which may at any time be 
appointed, or in Buenos Aires. Paris or Berlin at fixed rates of exchanjre. 
Bonds in coupon form of £100 each. 

Authorized under law No. 6,546, dated October 6, 1909, and issued to 
the Buenos Aires Great Southern Railway Company, Limited, and the 
Central Argentine Railway, Limited (to represent the value of work done 
and material supplied up to June 30. 1915), In connection with irrigation 
works carried out by those companies on behalf of the government, and 
£841,700 was offered by the Buenos Aires Great Southern Company to Ita 
stockholders in October, 1913. at the price of 98%. Estimated cost of 
works undertaken by the Buenos Aires Great Southern Company is 
£800,000. all of which will be satisfied in like bonds, while the total 
authorized of the loan Is £1,367.500. 

ABGSVTXVS OOT^ 6% JbOAM OF 1913 
Fort of tlie Oapltel (Buenos Aires) Bonds 

Issued £1.621.000. Outstanding £1,432,500 (December 31. 1921). In- 
terest January and July 1. Repayable by July 1. 1949, from a cumulative 
sinking fund of 1% per annum, applied in June or December to the pur- 
chase of bonds under par. or to drawings at par. Denominations £100 
each.* All payments are made in London (by Baring Brothers A Co., 
Ltd.) in sterling, and at fixed exchange at Buenos Aires, Paris or Berlin, 
free of all Argentine taxes. 

£1,000,000 was issued in April. 1918, by Baring Brothers & Co., Ltd., 
at 99%, and the balance of £621,000 was delivered to the contractors to 
the end of September, 1917. Are part of a total authorized of £5,000,000 
for the construction of extensions and additions to the Port of Buenos 
Aires. 

ABOBBmrS aOYT 6-TBAB 6% BOTES 1921-26 
Bailway Bgnipment Issue 

Authorized and to be issued 113,000,000. Interest at 6% payable semi- 
annually. Taken by the Baldwin Locomotive Works and the Middletown 
Car Co. (subsidiary of the Standard Steel Car Co.) in payment for 85 
locomotives and 2.000 freight cars and spare parts, costing 113,000,000. 
This equipment is for the Argentine State Railways. 

ABOEBTZBE OOTT 2-TBAB 7% BOTES 1921-1923 
Amerloan Issue 

Issued and outstanding, |50,000,000. Dated October 1, 1921. Due 
October 1, 1923. Interest April and October 1. Principal and interest 
payable in U. S. gold in New York at Chase National Bank and Blair 
and Co., free from all Argentine taxes, present and future. Denomination 
coupon 11,000. 

A direct obligation of the Argentine Government, and Issued in accord- 
ance with Laws Nos. 8899 and 9468. The proceeds of this Issue were used 
to repay advances froiii the Banco de la Nacion to the Government. These 
advances were made In January, 1921, to enable it to repay an advance 

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ARGENTINA 



from the British Government In May, 1920, the latter having financed 
payment at maturity of the 5-year 6% External Treasury Bonds due May 
15. 1920. 

Offered in October, 1921, by Blair and Co., and others at 99% and 
interest to yield over 7.20%. 

ABOXHmrS aOT*T S-TSAS 7% OOKB BOHBB, 1922-1927 

Issued and outstanding. 127,000,000. Dated February 1, 1922. Due 
February 1, 1927. Interest February 1 and August 1. All payments at 
New York in U. S. gold at the offices of Blair A Co., Inc., or the Chase 
National Bank, free of all Argentine taxes, present or future. Not callable 
before maturity.- No Sinking Fund. Denominations, coupon |1,000. 

A direct obligation of the Argentine Government, authorized by Laws 
No. 8849 and 9468 of the Argentine nation, and issued for the purpose 
of consolidating and funding floating debt. 

Offered in March. 1922. by Blair & Co.. Inc., and others, at 99 and 
Interest to yield about 7.25 per cent. 

Listed on the New York Stock Exchange. 

2. Internal Loans 

The following so-called "Internal" bond issues appear to be of a 
purely external nature, and have been considered herein as external 
loans. 

4%% "Internal" Gold Loan, 1888. 

5% "Internal" Gold Loan, 1907. 

5% "Internal" Gold Loan. 1909. 

6% "Internal" Gold Loan, 1910. 

4H% French Loan of 1911. 

Descriptions of the above will be found in Section 1. External Loans. 

ABGBVTXVB OOYT ZVTBBVA^ 4Vi % XiOAlT OF 1887 
Bmnoo* VaotonalM Chuuraiitidos 

Issued 3,600,000 pesos gold. Outstanding 1,708,300 pesos gold. Interest 
March and September 1. Repayable by 1% Sinking Fund through drawings 
or purchase semi-annually. Payable at the Credito Publico Nacional, 
Buenos Aires. Denominations, coupon fT>0, 600, 1,000 and 6,000 pesos gold. 

Issued under Law No. 2216 of November, 1887, to provide the funds 
necessary for the guarantee of the bank notes issued by the different 
banks which at that time were responsible for the currency, the funds 
thus raised to remain on deposit with thje Caja de Conversion. The 
banks were to buy the Bonds at 85 per cent, in gold nominal. As long 
as the Bonds remained deposited interest was only to be paid, and in the 
case of a bank returning the notes to the "CaJa de Conversion," it would 
be entitled to recover its Bonds, and from such date the Bonds were to 
be amortized at the rate of 1 per cent, per annum. Under these provisions 
$3,500,000 Bonds passed into public circulation. 

ABGSimVS GOV'T ZHTEBVA^ 5% I^OAIT OF 1891 
XmprMtlto Banco Klpoteoarlo Vaolonal 

Issued 1.007,600 pesos gold. Outstanding 478,400 pesos gold. Interest 
April and October 16. Repayable by 1% sinking fund through drawings 

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KIMBER'S REX^ORD OF GOVERNMENT DEBTS 

or purchase semi-annually. Free of Argentine taxes. Payable at the 
Credlto Publico Naclonal, Buenos Aires. Bonds in coupon form of 1100 
and. 1600 gold. 

Issued in October, 1891, under Law No. 2,842 to provide funds for 
the service of srold cedulas of the Banco Hlpotecario Nacional. 

ABOBHTZHB OOT^ nrTBBVAXi 6% JtOAM OF T891 
Denda Xuilolpal Oossolidada de Boenos Aires* 

All outstanding bonds of this loan were called for pasrment at par at 
Buenos Aires, January 1, 1021. 

AaOBVTXVB aOlTT ZNTSBHA^ 6% IkOAV OF 1897 
Bmprestito Xcuiiclpal de Buenos Aires 

Issued 5.000,000 pesos paper. Outstanding 2,199,000 pesos paper (De- 
cember 81, 1921). Interest May and November 1. Repayable by cumula- 
tive sinking fund of 1 per cent, operating by purchase or drawings. All 
payments at Credito Publico Nacional, Buenos Aires, free of Argentine 
taxes. Denominations 100, 600, 1,000 and 6,000 pesos paper. 

Issued under Law No. 8,645 in January, 1897, at 90. All obligations 
under this loan were assumed by the National Government 

The sinking fund is calculated to extinguish the entire issue by May 
1. 1927. Secured by 6% of the Land and License taxes of the City of 
Buenos Aires. 

ABOBVTZBE OOITT ZHTBrnBAXi B% XiOAB OF 1898 
Bmprestito Consejo Vadonal de Bdnoadon 

Issued 6,000.000 pesos paper. Outstanding 3.793,700 pesos paper. In- 
terest quarterly, March, June, September and December 1. Repayable by 
1% sinking fund operating by drawings or purchase quarterly. Free of 
Argentine taxes. Payable at Credito Publico Nacional Buenos Aires. 
Coupon bonds of |100, |600 and |1,000 paper. 

Issued at par in January, 1898, under Law No. 8.68S to provide for 
payment of debts to the National Council of Education. 

ABOEVTZirB OOT^ ZBTBBVA^ 6% J»OAM OF 190S 
Obras Be Salnbridad (Sanitary Works) 

Issued 12.159,540 pesos paper. Outstanding 9,417,920 pesos paper. 
Repayable by 1% Sinking Fund through drawihgs or purchase. Payable 
at the Credite Publico Nacional, Buenos Aires. Free of Argentine taxes. 
Bonds in coupon form of |100, |500, |1,000 and |5.000 pesos paper. 

Issued at par in December, 1902 under Law No. 4168 to provide funds 
for the prosecution of various public health works. 

ABOBVTZBE OOITT nmSBVA^ 6% I^OAB OF 1904 
Bmprestito Caja Vadonal De Jnbllaoiones 7 Fensiones 

Issued and outstanding 10,000.000 pesos paper. Interest quarterly, 
January, etc. Payable at the Credito Publico Nacional, Buenos Aires. 
Bonds in coupon form of 1 1,000 paper. 

Issued in September. 1904, under Law 4,849 to provide an annual 
contribution to the National Pensien Fund. A perpetual debt in the hands 
of the Pension Fund which has no authority to sell the bonds. 



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ARGENTINA 



ASOBVTZinB OOYT ZVTBBVAXi 5% XiOAJT OF 1905 
CMdlto ArgMitlno Xnt«mo 

Issued 100,000,000 pesos paper. Outstanding 78*897,980 pesos paper. 
Interest quarterly March, June, Septeihber and December 1. Repayable 
before 1941 by 1% Slnkingr Fund through drawings or purchase. Free 
of Argentine taxes. Payable at the Credito Publico Naclonal, Buenos 
Aires. Coupon bonds of |20, |100, $500, $1,000 and 15000 paper. 

Issued in July, 1906, at par under Law No. 4,569 for the conversion 
and consolidation of various internal paper currency loans. 

ABOSVTZHB OOT^ ZHTBBaTAXi 6% XiOAV OF 1911 
Oredlto Argentlno Xntemo (Seoond Bevies) 

Issued 100,000,000 pesos paper. Outstanding 94,086,800 pesos paner. 
Interest quarterly, February, May, August and November. Repayable by 
1% Sinking P*und through drawing or purchase. Free of Argentine taxes. 
Payable at the Credito Publico Naclonal, Buenos Aires. The sinking 
fund is calculated to extinguish this loan by February 1, 1947. Bonds in 
coupon form of $100, $600, $1,000 and $5,000 paper. 

Issued under Law No. 8121 of January, 1911. for public works. * 



ABGBnZirE OOTT «% ZXTSBVAXi JbOAM OF 1916 

Outstanding 2.340,000 pesos gold (December 81. 1919). Issued under 
tAws Nos. 9.648 and 10,067. 

ABGBHTZVB QOY^T 6% ZHTSBVAXi XiOAV OF 1917 

Outstanding 30,130,200 pesos gold (December 81, 1919). Interest Febru- 
ary, May, August and November 1. Repayable by drawings by May 1, 
1968. All payments at Buenos Aires. Issued under Law No. 10,223. 

ABOBnnrs OOTT B% JmOAX of 1980 
Credito Argentina XHtemo (Third Series) 

Authorized 160,000,000 pesos paper. Outstanding, 20,500,000 pesos 
paper. Interest semi-annually. Sinking fund of 1% annually to retire 
bonds within 50 years. Issued under Law No. 11,027 to provide funds for 
sanitary works in the Provinces. 



3. Argentine Government Guarantees 



CMDVJkMM OF THB ITATZOlTAXi MOBTOAOB 
CBanco Kipoteoarlo Vaolonal) 

Cedulas are bonds to bearer issued by the Banco Hipotecario Naclonal 
in series of about 50,000,000 pesos, each series. Interest at 6 per cent, 
per annum is payable semi-annually (two old series bear 6 per cent.) and 
principal is repayable by semi-annual drawings at par or by purchase in 
the market if obtainable below par. Amortization fund of one per cent, 
per annum, cumulative, is established for each series; these funds operate 
in respect of the series to which they severally apply and are calculated 
to redeem the entire issue of that series within thirty-three years. Draw- 
ings must be advertised three months in advance, and all drawn bonds 



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IN 



ARGENTINE CEDULAS 

ALL SERIES 



ARGENTINE GOVERNMENT LOANS 
INTERNAL AND EXTERNAL 



All South American and European 
Government bonds— payable in all 



currencies 



BOUGHT— SOLD — QUOTED 



Foreign bond Department 

SHONNARD and COMPANY 

MemJben of New York Stock Exchange 



120 BROADWAY 

Cable Address SHONIC 



NEW YORK 

AH Codes 



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ARGENTINA 



must be cancelled. All payments are made in Argentina, at the Banco 
Hipotecario Nacional and its branches, exempt from all Argentine taxation 
present or future. Denominations, coupon $60, $100, $200, $400, $500, 
$1,000 and $5,000 Argentine currency. Cedulas are not issued in de- 
nominations of sterling, francs or other foreign currency. Coupons and 
drawn bonds not presented for encashment within ten years are forfeited. 

These cedulas are a direct and primary obligation of the Banco 
Hipotecario Nacional, and each series is specifically i^ecured by pledge of 
an equivalent face amount of first mortgages on real property executed 
under conditions described below. The retirement of the cedulas is 
ordered to be pari passu with the repayment to the Bank of the loans 
that are secured by these mortgages; but repayment of loans in advance 
of due 'dates has operated to accelerate retirement of cedulas so that 
most of the cedulas of each series paid have been redeemed several years 
before their maturity date. 

The payment of interest and sinking fund on these cedulas is further 
guaranteed unconditionally by the Government of the Argentine Republic. 

Argentine cedulas have an exceptionally wide and active international 
market, being dealt in on the stock exchanges of Buenos Aires, Santiago 
(Chile), London, Paris, Amsterdam, Brussels, Madrid and other European 
centers. In 1920 over 400,000,000 pesos were bought and sold on the 
Buenos Aires Stock Exchange alone. Prior to 1914 about 90 per cent, 
of the then outstanding was held by European investors, but since that 
time large amounts have been repurchased and it is believed that the 
greater part outstanding is now owned in Argentinsu 

As of December 31, 1921, the Bank had outstanding cedulas in the 
amount of 699,735.725 pesos paper and 2,287,725 pesos gold, against which 
it held mortgages on real property valued in excess of double those 
amounts, and in addition 40,387,453 pesos paper in cash and 80,856,752 
pesos paper in accumulated reserves. Detailed figures of cedulas issued 
and outstanding are shown below. 

Series Issued Cancelled Redeemed Outstanding 

$ paper $ paper $ paper $ paper 

Series A-J 188,425,300 175,877,400 12,547,900 extinguished 

" K 70,165,000 49.266,250 4,997,950 15,920,800 

L 89,966,000 52,698,200 6,226,200 31,041,100 

C. H. A 446,441,900 145.309,425 36.350,225 264,782,250 

2nd Law No. 9155 

Series 1 49,926,300 10,659,400 2,625.225 36.641.675 

2 48.850,000 10.562.400 2,668.900 35.618.700 

3 50,000,000 6,670,675 5.862.025 37,467.300 

4 50,000,000 5.532,475 11.056,225 33,411.300 

5 50,000.000 4.647,925 1.558.800 43.793.275 

6 49,997,450 3.504,855 1,319.100 45.173,525 

Law No. 10,676 

Series 7 49,996,450 796,900 889.100 48.310.450 

8 49.484,600 218,725 a.448.375 46.817.500 

9 48,047,600 2,050,625 45,996,975 

" 10 18,347,650 8,586,775 14,760,875 



1,259,648,250 465,744.600 



Series A gold 5^ 



$ gold 
20,000,000 



$ gold 
17,712.274 



94,167,925 
$ gold 



699.735.725 

$ gold 
2.287,725 
[over] 



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KIMBER'8 REX:;ORD OF GOVERNMENT DEBTS 

All of the above bear interest at 6 per cent, except Series K and Series 
A gold, which are at 6 per cent All are repayable at par by sinking funds 
of one per cent, per annum. 

Baaoo MipotecAXlo Waoloiial: 

The Banco Hlpotecario Nadonal was established by the Argentine 
Government under authority of Law of September 14, 1886, the functions 
of the institution being to make loans on the security of real property. 
The affairs of the Bank are administered by a Board of Directors named 
by the President of the Republic, the appointments being confirmed by 
the Senate. 

Loans made by the Board are secured by first mortgage on income- 
producing property, the amount of the loan being limited to fifty per cent, 
of the appraised value of the property; in this appraisal only 20 per cent, 
of the value of improvements is taken into consideration. In the case of 
loans to corporations the amount is limited to thirty per cent, of the 
valuation. The loans made are chiefly on farm lands, but loans may also 
be made on buildings and industrial establishments; in the latter case 
the policy followed is as outlined above, except that the value of ma- 
chinery and equipment is not considered, no matter how important or 
necessary. During the life of the loan the property cannot be sold or 
leased for long term without the approval of the Bank. 

Loans must be repaid to the Bank in semi-annual or quarterly install- 
ments. The fixed rate of amortization is one per cent, per annum, cumu- 
lative, but the borrower may increase these payments at any time pro- 
vided that in any such operation he repays not less than five per oent. of 
the loan. In addition to the interest charge of not more than six per cent 
per annum, and the one per cent per annum amortization, the Bank makes 
a service charge to the borrower of one per cent of the amount of the 
loan for the first third of the repayment period, one-half of one per cent 
during the second third, and one-quarter of one per cent during the last 
third of the repayment period. The one per cent per annum amortization 
pays off the loan in thirty-three years. In case of default in any payment 
the Bank has legal right of foreclosure without proceedings in the courts, 
being authorized to call on the public forces to obtain possession of the 
property for it, and to sell the same at public auction. 

Loans are ordinarily made in cedulas, not in cash, the borrower being 
obliged to take cedulas at par for the amount of his loan, and to realize 
upon these cedulas in the market The Bank, however, may make loans 
in cash out of its accumulated reserve; these loans are carefully restricted 
and must be repaid to the Bank within five years. 

The operation of Federal Farm Loan Banks in the United States 
parallels closely that of the National Mortgage Bank of Argentina. The 
chief difference Is that the great area of the United States has made it 
advisable to establish twelve regional banks, operating independently but 
under a central autbprity. while in Argentina the central bank has au- 
thority to open branches where It may deem expedient from time to time. 

The cedulas or bonds issued by the Argentine Bank are very similar 
to the Federal Farm Loan Bonds of the United States except that they 
bear a higher rate of interest; they also have an active sinking fund and 
are guaranteed principal and interest by the Government of the Nation, 
two features lacking in the Federal Farm Loan Bonds of the United 
States. During the thirty-six years of the Argentine Bank's operations 



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ARGENTINA 



the principal of its bonds has been repaid on an averasre thirteen and a 
half years before maturity, and there has never been a delay in the pay- 
ment of either principal or Interest except during: the Baring Panic of 
1890, when gold was unobtainable, and an interest payment on one series 
of gold bonds was delayed. 



ProTince of Buenos Aires 

Area: 117»777 square miles. Population (census of 1914) 2,066,165, 
estimated 1921, 2,600,000. Capital La Plata, seaport, population about 
100,000. The Province does not include the City of Buenos Aires, this 
having been constituted a federal district The Province is a large plain 
or prairie with an abundance of streams and lakes but no forests. The 
Coast line is 2,000 miles long. None of the rivers are navigable except 
the Rio Plata. Climate is fresh and agreeable. 

The Province of Buenos Aires is the wealthiest in the Argentine 
Republic Its products are mainly sheep and cattle but agriculture is 
developing on a large scale. Wheat, barley and linseed are grown and 
in the northern portion there are a number of vineyards. Mineral products 
are of no consequence except the out-put of certain marble quaries. The 
Province is crossed in all directions by a net-work of railways which 
converge in the federal capital of Buenos Aites. 

According to the census of 1914, the Province had 14,848 industrial and 
22,288 commercial establishments, employing a capital of 470,296,247 and 
371,026,072 pesos paper respectively. 



ooTBrnvMnr mMvmmnm avd sxpamDZTUsas 

Budgets of expenditures for a series of years are shown below in com- 
parative form. 

(in pesos paper) 
For Public All' 

Debt Service Other Total 

1921 28,044,200 46,191,200 78,235,400 

1920 28,044,200 46,191,200 73,285,400 

1919 28,044,200 46,191,200 73,235,400 

1918 27.245.600 35,738,600 62,984,200 

1917 25,578,100 36,528,900 61,107,000 

No Budget Laws were sanctioned for 1920 and 1921, and the budget for 
1919 was continued in force during those years. 

Actual revenues for 1919 were 66,926,600 pesos, for 1920, 71.879.800 
pesos, and for 1921 (11 months) 61,799,000 pesos paper. 

Tax collections during the year 1921 showed a small falling '.off in 
comparison with those of 1920. The Province, whose principal sources 
of revenue are the taxes on exports of wool, wheat and cattle products, 
suffered during the year the effects of diminished exports and the fall in 
prices. The financial situation of the Province, therefore, was not very 
satisfactory at the end of 1921, but it was officially stated that the 
Government expected considerably increased revenues in 1922. 

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KIMBER'S REX:ORD OF GOVERNMENT DEBTS 



FVBXJIO Dl 

The position of the public debt in 1920 and 1921 was as follows: 
(at January 1st) 

1920 1921 

External debt Isrold 141,994.200 Isrold 180,087.600 

Internal debt Ipaper 101.317,700 $paper 104.802,200 

The decrease in the external debt shown for 1921 is the result partly 
of the regular amortization, and partly because the amount outstanding 
of the 4%% loan of 1910 issued in Germany is not included. The Govern- 
ment considers this loan to have been extinguished by reason of Its having 
remitted to the issuing house — the Dresdner Bank — the nominal amount 
of the bonds in circulation, in marks, for its redemption. This payment, 
however, has not been accepted by the Bank because of the optional pay- 
ment in sterling and francs which is a provision of the issue, and the 
matter at present is in dispute. 

The external loans of the Province issued prior to 1880 were assumed 
by the National Government In that year upon the federalization of the 
City of Buenos Aires. The four loans issued between 1881 and 1886 went 
into default in 1891 and were assumed by the National Government in 
1898, being converted into the Argentine 4% External Gk)ld Loan. 

rUVDnrG' F^AV. — On January 2, 1915. the Province of Buenos Aires 
failed to meet the interest due on the undermentioned 8-3 V&% bonds, 
although coupons due on January 1. 1915. on the 5% external gold bonds 
were duly provided for. Shortly afterwards a plan was made effective 
under which the Interest due in 1915 and 1916 on the 3-3%% bonds was 
met partly in cash and partly in funding certificates. Subsequently the 
government announced that they had decided, owing to the existing: finan- 
cial situation, and with an idea of consolidating their finances, to suspend 
for the two years 1916 and 1916 the sinking fund for the 5% (Drainage) 
loan, the 4%% (Railway) loan, and the 5% external bonds, together 
with three French loans, and to fund for the same period the interest on 
those loans into 5% consolidation gold bonds at the rate of £115 of 
consolidation bonds for every £100 of coupons falling due. 

In 1917 it was announced that resumption of Sinking Fund had been 
postponed "until the restoration of normal conditions in Europe," except 
in the case of the 3%% bonds. 

Interest payments in cash were resumed in 1917. 

As from January, 1921, all payments have been promptly met in cash, 
both interest and sinking fund, on all the external and internal debt of 
the Province. 

Bond Issues in Detail 

BXTBVOB AXBS8 (Prorlnoe) 3-3H% BOVD8, 1906 

Issued £11,496.000. Outstanding £9,886,060. Interest January 2 and 
July iJ Denominations of £20, £100, £500 and £1,000 each. The bonds 
have coupons payable at 3% up to and including January, 1912, and at 
the rate of 3^^% thereafter, with %% cumulative sinking fund, com- 
mencing July 1, 1917, or earlier at the option of the government, to be 
used in purchase of bonds in the market below par, or in drawings at 
par. The government may increase the sinking fund at any time. The 
net proceeds of the private debts du9 to the Mortgage Bank are to be 

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ARGENTINA 



applied to a special sinkinsr fund of the bonds, to be used in the same 
manner as the %% sinkinsr fund. The bonds are specially secured by 
the taxes known as the "territorial" and "la produccion." All payments 
are made, free from all national and provincial taxes, by Baring Brothers 
and Co., Liondon, in sterling, and (at current rates on London) on the con- 
tinent of Europe (by such agents as Baring Brothers and Co., Limited, 
shall appoint), also in Buenos Aires at the fixed rate of |5 Argentine 
gold to the £ sterling. , 

Issued in 1906 in conversion of "Cedulas," coupons and other securities 
of the M<)rtgage Bank of the Province of Buenos Aires. Between 1872 
and 1889 "Cedulas" bearing interest at rates varying from 6 to 8% had 
been issued to the amount of 374,846,326 paper and 14,911,100 gold, which 
became an obligation of the Province in 1882. These Cedulas went into 
default in 1891 and 1892 and in August, 1906. were exchanged for this 
Sterling Loan at the rate of 30 cents on the dollar for the face amount. 
16 cents for the overdue coupons on the currency cedulas, and about 
twice that rate on the gold issue. 

By the agreement entered into in 1915 In regard to the interest of this 
loan the government undertook to deposit in the Bank of the Province of 
Buenos Aires monthly a twelfth part of the sum required annually for 
the service of the bonds in circulation. Coupons due January 2, 1915, 
were not paid, and subsequently a plan was carried into effect under 
which interest at 3%% per annum, due in January and July, 1915, was 
paid (the January coupon in April, 1915, and the July coupon at maturity) 
at the rate of 1% per annum in cash and 2%% per annum in funding 
certificates, while Interest due in January and July, 1916, was paid at 
the rate of 1^% per annum In cash and 2% per annum in funding 
certificates. 

Interest and sinking fund payments in cash were resumed in January, 
1917, and have since been promptly made when due. 



SmSVOS AJBXn (Provilioe) 5% DRAZNAOB XiOAJT OF 1908 

Issued £1,500,000. Outstanding £1,306,040. Interest payable April 
and October 1. The bonds are of £20 and £100 each, redeemable within 
89 years by a cumulative sinking fund of 1% per annum, commencing in 
1910, applied by annual drawings (in January) at par, or purchase in 
the market at or below par. Specially secured by the hypothecation of 
the trade licenses ( "Paten tes") tax, except 15% thereof already appro- 
priated to the municipalities of the province. Principal and interest free 
from all Argentine taxes, and payments are made on the whole issue 
in London (by Messrs. Erlanger)« Paris or Berlin. £750,000 sold in 
December, 1908, by Emile Erlanger and Co., at 88%, the application being 
simultaneously opened in Berlin; £750,000 was issued in Paris. 

In March, 1915, the government suspended the sinking fund for the 
years 1915 and 1916, and funded interest due in those years into 6% con- 
solidation gold bonds at the rate of £115 of consolidation bonds for every 
£100 of coupons falling due. Under funding arrangement the government 
has undertaken to open a special account with the Bank of the Province 
of Buenos Aires in respect of the 5% (Drainage) loan, and, as from the 
appropriate date prior to the resumption of cash payments, to pay monthly 
into such account one-twelfth of the sum required for the whole annual 
service of the loan. 

Interest payments In cash were resumed In April. 1917. and have since 

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KIMBER'S RESCORD OF GOVERNMENT DEBTS 

been made promptly when due. Sinking fund operated according to 
schedule as from 1919. 

SV2V08 AZBB8 (Province) 4H% (BAZl^WAT) XiOAV OT 1909 

Issued £3,373.015. Outstanding £3,188,535. Interest payable June 
and December 1. Bonds issued in June, 1909, are coupons of £20 and 
£100 each, and have also their value in francs and ffold pesos expressed 
on them, and the bonds issued in Paris in 1912 are of 504 francs each. 
Principal is to be repaid within 41 years from December 1, 1918, by a 
cumulative sinkingr fund of 1% per annum, applied to annual drawingrs 
(in November) at par, commencinsr 1918. Specially secured on the rail- 
way from La Plata to Meridiano Quinto, its equipment and net receipts, 
for the construction of which the loan was issued. All payments are 
made on the whole loan, free from national and provincial taxes. In 
London (by Emile Erlangrer and Co.), Paris or Buenos Aires, pyaments 
in London in respect of the bonds issued in Paris bein^ at the exchanare 
of 25.20 francs to the £. £714,280 offered for subscription in London at 
88%%, in June, 1909, by Emile Erlanger and Co., and £1,666,672 simul- 
taneously issued in Paris, while 25,000,000 francs was Issued In April. 
1912, in Paris at 93%. 

In March, 1915, the srovemment suspended the sinking fund of the 
4%% (Railway) loan for the years 1915 and 1916, and funded interest 
due in those years into 5% consolidation gold bonds at the rate of 
£116 of consolidation bonds for every £100 of coupons falling due. 
Under the funding arrangement the government of the province has 
undertaken to open a special account with the Bank of the Province of 
Buenos Aires in respect of the 4H% (Railway) loan, and, as from the 
appropriate date prior to the resumption of cash payments to pay 
monthly into such account one-twelfth of the sum required for the whole 
annual service of the loan. 

Interest payments in cash were resumed in June, 1917. and have since 
been promptly made when due. Sinking ftmd operated according to 
schedule as from 1919. 

B1JBV08 AIBBS (ProTinoe) 5% IbOAM OT 1910 
Brltisli ftoan 

Issued £1.047,620. Outstanding £920,280. Interest quarterly, Janu- 
ary, April, July and October 1, in London at Erlanger & Co., also in 
Buenos Aires, free from all present and future national, provincial and 
municipal taxes. Denomination £20 and £100 each. Repayable within 
89 years from October 1, 1910, by ^, cumulative sinking fund of 1% 
per annum, applied to drawings (annually in September) at par, com- 
mencing in 1911, or to purchases in the market below par. The govern- 
ment may accelerate the redemption of the debt at any time on six 
months' notice. An annuity of £62.857 was to be provided for the service 
of the loan, payable quarterly, and secured by a general obligation of 
the province, and by a special hypothecation of the paying "afflrmados^ 
tax, and, subject to existing charges, of the "territorial" tax. The paving 
tax was estimated to yield £44,000 per annum, and the then surplus of 
the "territorial" tax available for the service of this loan was given as 
£283,000. Issued in January, 1910, by Emile Erlanger and Co., London, 
at 96%%. Issued to provide funds for the construction of a paved road 
from La Plata to the city of Buenos Aires. 

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Interest due January 1» 1915, was duly paid, but In Ifarch, 1916, the 
erovernment decided to suspend the sinking* fund for the years 1915 and 
1916, and to fund Interest due from April 1, 1915, to January 1, 1917, Into 
5% consolidation gold bonds at the rate of £115 of consolidation bonds 
for every £100 of coupons falling due. Under the funding arrangement 
the sovemment of the province has undertaken to open a special account 
with the Bank of the Province of Buenos Aires In respect of the 5% 
external loan, and, as from the appropriate date prior to the resumption 
of cash payments, to pay monthly Into such account one-twelfth of the 
sum required for the whole annual service of the loan. 

Interest payments in cash were resumed In January, 1917, and have 
since been promptly made when due. Sinking: fund operated according 
to schedule as from 1919. 



SV2V08 AZBB8 (P&OTZVOB) 4H% IbOAM 07 1910 
Osmuui &oaa 

All bonds of this Issue were called for payment at par In German 
marks at Berlin, January 1, 1921. 

This loan was orl^nally for $10,080,000 Argentine gold or 40,000.000 
German marks. The entire Issue was placed at 89 in Germany by a 
syndicate of German bankers. The bonds and coupons were made pay- 
able at the option of the holders either In Germany In marks. In Paris 
and Basle in francs, and in London In sterling, but the loan agreement 
provided that the Government of the Province should remit regularly to 
the Dresdner Bank the entire sum required for payment of coupons and 
called bonds until the loan should be redeemed. 

In 1920 the Government of the Province remitted to the Bank the sum 
of 87,480,828 marks for the retirement and cancellation of the bonds then 
remalnlnsr outstanding. A srroup of Rotterdam bankers which were larsre 
holders of these bonds protested the payment in marks, and demanded 
that their coupons and bonds . should be paid in Swiss francs, and on 
refusal of the Province to provide such funds as would be necessary to 
make such payment, took action in the Argentine law courts against the 
Government of the Province of Buenos Aires. 

As of March 1, 1922, this matter was still before the Argrentlne courts. 

BV2V08 AZBB8 (Provliioe) 4^% ZiOAV OT 1910 
Prenoh, ZK>an 

Issued 87.500,000 francs. Outstanding, about 84,500,000 francs. In- 
terest May 25 and November 25. Repayable by sinking fund of 1% per 
annum through purchase or drawings (commenced in 1912). All pay- 
ments in Paris (Banque du Paris et des Pays Bas) and in Geneva, 
Brussels and Buenos Aires. Free of Argentine taxes. Specially secured 
by assignment of (1) the portion of the License Lax not assigned to the 
5% Loan of 1908; (2) 'Timpot Foncier" up to $1,500,000 (paper) annually; 
and (3) certain other taxes. 

Issued in Paris in 1910 by the Banque du Paris et des Pays Bas at 
97^, for drainage construction and other public works. 

Interest was funded and sinking fund suspended as for the British 
5% Loan of 1910, but interest payments in cash were resumed in May, 
1917, and have since been promptly made when due. Sinking fund 
operated accordlngr to schedule as from 1919. 

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BXTBVOB AZBS8 (ProTinoe) 4^% I^OAV OF 1911 
Prenoli Xioan "Bambla ICar del Plata" 

All outstanding bonds of this Is8u« were called for payment In Paris 
as of January 1, 1921. 

BXnBVOB AZBE8 (ProTinoe) 6% XiOAV OP 1913 
Prenoli ]Qoan for PaTlnir Works 

Issued and* outstanding 11,110,000 francs. Interest payable April 
and October 1. Redeemable through 1% Sinking FHind operating by 
drawings or tender. Payable in gold at the Credit Mobiller, Paris, and 
at the Bank of the Province, Buenos Aires. 

Issued in Paris in June, 1913, at 97, by the Credit Mobiller Francals, 
for paving works. 

Interest was funded and sinking fund suspended as for the British 6% 
Loan of 1910, but interest payments in cash were resumed in April, 1917, 
and have since been promptly made when due. Sinking fund operated 
according to schedule as from 1919. 

BUlUrOB AZBE8 (ProTlnoe) 6% PUVDHTO OBBTZPXOATB8 1916-1916 

Issued £452,744. Outstanding £135.844. Interest payable January 2 
and July 1. The certificates are to bearer in amounts of £100 and £20 
each, and are to be redeemed by annual drawings (in October) of 10% 
of the total, the first repayment under the operation of the sinking fund 
to take place on January 2, 1917. The government may increase the 
sinking fund as soon as revenue permits. Payments on the certificates 
are made, free from all national and provincial taxes, in London, in 
sterling (by Baring Brothers and Co., Limited), or on the continent of 
Europe by such agents as Baring Brothers and Co., Limited, shall appoint 
(at sight exchange on London), or in Buenos Aires at the fixed exchange 
of $5 Argentine gold per £ sterling. 

As a further gruarantee for the certificates, there are to be de- 
posited with Baring Brothers and Co., Limited, coupons of the 3-3^% 
loan against which funding certificates shall have been issued: these 
coupons are to retain their legal validity for the whole time until th« 
certificates and coupons corresponding thereto shall have been redeemed. 
Default on the part of the government to carry out the conditions of 
the agreement shall have as a consequence that the coupons deposited as 
security shall be considered immediately payable, and shall be received 
by the province for their face value in payment of the taxes known as 
the "territorial" and "la production." The government has agreed to 
deposit In the Bank of the Province of Buenos Aires monthly a twelfth 
part of the total amount required annually for the service of the certifi- 
cates. Coupons not presented within five years from due date can only 
be cashed on application by the holders to the government. 

Issued for a portion of the interest due in 1915 and 1916 on the 8-3i^% 
Bonds. See "Funding Plan" at beginning of this section. 

BXnBVOS AZBE8 (ProTlnce) 6% OOITSOX^IDATZOV OOX^D XiOAV, 1915 

Outstanding £1,603.807. Interest January 2 and July 1. Repayable 
by a cumulative sinking fund of 2% per annum to be applied annually 
by drawings at par or purchase at or below par. Government reserves 
the right to pay off the Bonds at par at any time on three months* 

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ARGENTINA 



notice. Bonds are free of all present or future Argentine taxes. Interest 
payable in £ sterling: at London County, Westminster and Parrs Bank, 
Ltd., and at Erlangers, and In Paris at the fixed exchange of fcs. 25.20 
in the £. Specially secured by a first charge on the taxes on alcohol, 
cards and tobacco (less 13.50% going to certain municipalities), and on 
the tax on commerce and industry (less 6.75% going to certain munici- 
palities), "or such other taxes of equal value and productiveness as may 
be created in substitution thereof." The yield from these taxes for five 
years ending 1920 averaged over £540,000 annually. The government 
opened a special account at the Bank of the Province of Buenos Aires 
and pays into it on the first day of every calendar month the amount 
necessary for the service of the loan. 

Authorized by law of December 24, 1914, for the purpose of funding 
for two years, viz., to January 1, 1917, the Interest on the following 
loans at the rate of £115 Consolidation Loan for every £100 of coupons: 
(1) 5% Sterling Loan of 1908 (Drainage Loan); (2) 4%% External Loan 
of 1909 (Railway Loan): (3) 5% External Loan of 1910: (4) 4%% Gold 
Loan of 1910 (Public Works); (6) 4%% Gold Loan of 1911 (Rambla 
Mar del Plata); (6) 5% External Loan of 1913 (Paving of La Plata). 
The three last loans issued In Paris only. 



BtneVOS JLZBS8 (ProTlnoe) e% TEV-TEAB OOUD BONDS 07 1916-26 

Issued $8,098,250. Outstanding $4,858,950. Interest payable June 14 
and December 14. Denominations: coupon $50, $500, $1,000, $5,000. Re- 
deemable by semi-annual drawings at par, commenced in June, 1917. All 
bonds must be retired by December 14, 1926. Principal and Interest pay- 
able in New York or Boston at Lee, Hlggrinson & Co., and in London at 
London County, Westminster & Parrs Bank, Ltd., at the exchange of 
$4.86%. The bonds are secured by the deposit with the London County, 
Westminster & Parrs Bank, Ltd., as trustee, of bonds of the Province of 
Buenos Aires 5% Consolidated -Gold Bonds of 1915, on the basis of £123 
6s 8d nominal value of bonds for each $500 ten-year bond, such consoli- 
dated bonds being held by the trustee, subject to the stipulation that 
they are not to be sold below 85% of their par value. 

Issued in New York In December, 1916, partly in place of Treasury 
Bills for £900,000 which matured in Dec. 1916, the latter having been 
issued in Dec, 1915, on the basis of 6%% per annum In renewal of a 
similar amount of bills. Holders of bills received for each £100 Treasury 
Bills, a cash payment of £5 and a 10-year bond for $475. 

BUSVOS AZBB8 7BOVZVOE 
ZHTEBVAI^ I^OJOra 

BITBVOS AIBB8 P&OVZVOB 

SBUBA ZHTSBVA OOVSOIUBADA 6% DB 1900 

Outstanding $7,221,000 paper (January 1, 1921). Interest quarterly, 
January, etc. Redeemable by cumulative sinking fund of 1% per annum, 
operating by purchase or drawings. Sinking fund can be Increased at 
any time. Secured by stamp duties and Land Tax. Free of Argentine 
taxes. Payable at the Banco de la Provlncla, Buenos Aires. Denomina- 
tions coupon $50, $100, $500 and $1,000. Issued for the purpose of can- 
celling public bonds, certificates of the Great Southern Railway, road 
bonds, building bonds and recognized debts. 



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KIMBER'S RECORD OF OOVBRNMBNT DEBTS 



DSUBA ZHTBBVA 00V80Z2DA1ML 8%, 1905-1011 

Outstanding: $34,865,760 paper (January 1, 1921). Interest quarterly, 
January, etc. Slnklnsr fund and redemption as above. Free of Arsrentine 
taxes. Payable at the Banco de la Provincia, Buenos Aires. Denomina- 
tions coupon $60, $100, $500, $1,000 and $6,000. Issued for the cancella- 
tion of claims for pensions and arrangrements of the debt of the Montepio 
Civil (Pension Institution). 



DSUBA ZVTSmVA 5% DS 1908, 1906 

OoBTerslOB D* Obliiracioiies Del Baaoo De &» Vrorlaoift 

Outstanding: $11,990,180 paper (January 1, 1921). Interest quarterly, 
January, etc Redeemable by % % sinking fund, operating: by drawing:8 or 
purchase. Sinking: fund can be increased at any time. Free of Argentine 
taxes. Coupons payable as above. Denominations coupon $40, $100, $200, 
$600, $1,000 and $6,000. 

All amounts realized by the liquidation of the old Banco de la Provincia 
proceeding from the payments made by the private debtors of the Bank 
must be applied to the redemption of bonds of this loan. 



OBBA8 DS SAVSAMZUrrO 6% DS 1910-1911 

Outstanding $9,491,100 paper (January 1, 1921). Interest quarterly, 
January, etc. Issued for Sanitary Works in La Plata. Redemption 
through 1% sinking fund, operating by drawings or purchase. Sinking 
fund can be increased at any time. Payable at the Banco de la Provincia^ 
Buenos Aires. Free of Argentine taxes. Denominations coupon $600 and 
$1,000. Secured by the balance of the proceeds of the tax on sanitary 
and water supply services remaining after deduction of the necessary 
amounts for the administration and operation of the works; any deficiency 
must be covered by the general revenues of the Province. 



BOVOS DB BDZPZOAOZOV MBOOJsAM 6% DS 1906 

Outstanding $5,477,050 paper (January 1, 1921). Interest quarterly. 
January, etc. Issued for Public Schools. Redemp^tion, sinking fund, taxes 
and payment as above. Denominations coupon $60. $100, $200. $»00 and 
$1,000. 

Authorized by Law of February 6, 1906, Decrees of March 6, 1909, 
April 12 and November 17, 1910, and secured upon the proceeds of the 
Land Tax appropriated to the School Board. 



OOV8TBUCOXOV DS ATISICASDO 5% DS 1907, 1911, 1912 

Outstanding $6,483,600 paper (January 1, 1921). Interest quarterly, 
January, etc. Issued for Roads and Paving in the Province of Buenos 
Aires. Redemption, sinking fund, taxes and payments as above. De- 
nominations coupon $100, $500 and $1,000. 

Authorized by Laws of July 18, 1907, January 21, 1910, January 24, 
1911 and March 19, 1912, and secured upon the proceeds of the paving 
and Land Taxes. 



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ARGENTINA 



» x^rasmvo 9H% bs i9oe, i9i0b lau 
SaTlBgs Banks IboMui 

Issued In three seHes, "A," "B" and "C." Outstanding: $18,156,800 
paper (January 1, 1921). Interest Januai*y and July 1. Redeemable 
throusrh %% sinkingr fund, operatinsr by purchase or drawings. Payable 
at the Credito de la Provincia, La PlatcL Denominations coupon |20, 
1100, 1200, 1500 and 11.000. 

Authorized by Laws of Dec. 17, 1908, July 20, 1910 and Oct. 9, 1911, 
and issued for the purpose of creating a Caja Popular de Ahorros (Savings 
Bank) which will with its deposits redeem and convert the public debt 
into a uniform debt of the Province at 2^% interest and %% accumula- 
tive sinking fund; for the Increase of the capital of the Banco de la 
Provlncia; for construction and repair of paved roads; for public benefic- 
ence; for Increasing funds .of the Montepio Civil, and for the enlarge 
ment and repair of prisons. 



SBITDA XVTBBVA 5% DS 1915, 1916 
**Baoognifd Credits" ILomn, 

Outstanding 19,516,880 paper (January 1, 1921). Redeemable by 1% 
sinking fund operating through purchase or drawings. Potable at the 
Credito Publico de la Provlncia, La Plata. Authorized by Laws of August 
26, 1915 and August 21, 1916. 



City of Buenos Aire© 



Buenos Aires is one of the world's great capitals, an important and 
-modem city in every sense of the word. In population it ranks tenth 
ajnong the other cities of the world, and occupies an area larger than 
that of either Paris or Berlin. It is a city of magnificent avenues, parks, 
buildings, clubs and theatres; -a great financial and commercial center. 
And the seat of the Argentine Federal Government. All of the railways 
of Argentina, 22,578 miles in length, converge in the City of Buenos Alrea 

According to the census of 1914, the C^lty of Buenos Aires had 10,275 
industrial and 27,761 commercial establishments, employing a capital of 
545,652,248 and 996,393,438 pesos paper respectively. 

Shipping at the port of Buenos Aires increased steadily during the 
fifteen years prior to 1914, as the following tonnage figures show: in 1900, 
3,702,869 tons; in 1905, 5.817,700; in 1910, 9,138,359; in 1913, 10,852,993 tons. 
During the war the volume rapidly declined as follows: in 1914, 9.278,731 
tons; in 1915, 8,081,291; in 1916, 7,242,527; in 1917, 5.166.571. In 
1918, there was some recovery, the total for that year being 6.039,062 tons. 
Further recovery was noted in 1919, 1920 and 1921. but the figures did 
not reach the 1913 totals. 

The revenues of the port do not belong to the City, as the port is 
owned and operated by the Federal Oovernment. The volume of shipping, 
however, affects the municipal government through its Indirect infiuence 
on the general prosperity of the City. 

Value of goods imported through Buenos Aires In 1918 was $142,462,293 
jgold and in 1919, 1198,069,587 gold, or about 85% of the value of all 



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KIMBBR'8 RECORD OF GOVERNMENT DEBTS 

coods Imported into the Republic in those ye&rs. Values of goods ex- 
ported through Buenos Aires for the same years were $416,651,398 gold 
and M»»,459,229 respectively, or about half the total goods exported. 

The Municipal Oovemment of Buenos Aires comprises two depart- 
ments. Legislative and Executive. The Legislative Department Is the 
Municipal Council of twenty-two members elected by the taxpayers for a 
period of four years. The head of the Executive Department is the 
"Intendente Municipal" or Mayor, who is appointed by the President of 
the Argentine Republic subject to the approval of the Argentine Senate: 
the Mayor holds office for three years and is eligible for re-appointment. 
All laws relating to the city, its taxes, revenues, expenditures, etc., are 
passed by the Council and carried into effect by the Executive Department 

The City of Buenos Aires is a Federal District of the Argrentlne Re- 
public, and is not a part of the Province of Buenos Aires. 

MinrzozPA^ msvBVus avd sxpumxrums 

Budgets of the Municipal Government of Buenos Aires are shown 
below for a series of years: 

(in pesos paper) 
Salaries and 

Other Expenses Debt Service Total 

1922 64.821,000 14.579,000 68.900,000 

1921 63.785.300 14.376,000 68.111.300 

1920 42,645,600 10.930,400 53,476.000 

1919 84,788.900 10,327,800 45.116.200 

1918 80,616,600 9,107,100 39.623.f;00 

1917 30,626.600 10.129.700 40.656.300 

Actual revenues have practically balanced actual expenditures for 
several years past. Tax collections in 1921 were $68,534,000 paper; in 
1920 were $57,202,900 paper, and in 1919 were $44,297,600 paper. 



m 

(as of December 31. 1921) 

Funded debt, external pesos gold 25,447.653 

Funded debt, internal pesos paper 4,163,300 

Internal 7% Loan of 1920 pesos paper 43,065,860 

Floating debt, internal pesos paper 14,800.000 

The total of the above figures is equivalent to 119.865,025 pesos paper 
(at par of exchange = $0.4246 U. S.). 



BV2V08 AIBBS (Olty of) 4V6% SZTSBWA^ ZiOAV CMP 1888-1889 

Issued £1,984,120. Outstanding £688,220. Interest June and December 
1. Repayable at par within 89 years by means of 1% cumulative Sinking 
Fund by purchase or drawings. Drawings take place in London in May 
and Novei^ber, commenced November, 1889, the Government reserves 
the right to increase the amount of the Sinking Fund, or to pay off 
amount still outstanding upon three months' notice at any time. Free 
of Argentine taxes. Payable in London by Baring Brothers & Co., Ltd., 
and in Berlin, Frankfort and Hamburg by the Deutsche Bank at the 
sight rate on London. Coupon bonds of £20, £100, £500 and £1,000. 

Payments of coupons and drawn bonds Is not prescribed by delay. 



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ARGBNTINA 



but after five years from due dates payment is made at Buenos Aires only. 
Issued in May, 1889, at 86%, for paving and sanitary work in Buenos 
Aires. 

MummOB AZBB8 (Olty of) 

rAlb 6% &OAV or 1891 
ffA^ 6% XiOAV or 1897 
BXTBBWAlb 5% &OAV Or 1900 

All obligations in respect of these loans were assumed by the National 
Government. Full descriptions will be found in Sections 1 and 2 respec- 
tively of Argentine Government Bonds. 

BVBVOB AZBB8 (City of) 5% SXTSBlTAJb XiOAV 1913 

Issued £2,600,000. Interest February and August 1. Repayable by 
1% Sinking Fund through drawings at par or purchase within 37 years 
at the latest. Drawings in London in June and December. All payments 
made by Baring Brothers & Co., Ltd., and by the Deutsche Bank as for 
the 1914 loan, free of Argentine taxes. Coupon bonds of £20, £100, £200 
and £1.000. 

Issued at 96 in August, 1913, for the construction of the Avenida 
Norte and the Avenida de Norte a Sud. Authorized by Laws Nos. 8,864 
and 8,866 of Jan. 30, 1912. 

Secured by 16% of the proceeds of the Contribucion Directa de la 
Capital, besides the general revenue of the Municipality. 

BV2V08 AZBES (Olty of) 6% SXTBBWA^ XiOAV, 1914 

Issued £2,460,300. Interest February and August 1. Repayable within 
97 years at latest by 1% Sinking Fund by purchase or drawings in 
London at Baring Brothers & Co., Ltd., in June and December. Free of 
Argentine taxes. Payable at Baring Brothers & Co., Ltd., London, and 
the Deutsche Bank, Berlin, at the fixed rate of M 20.46 per £. These 
bonds are specially secured by "an appropriation from 30 per cent, of 
the "contribucion directa" (territorial) tax of capital of the republic, a 
tax imposed by the national congress and collected by the national 
government of the Argentine Republic," who are to pay over to the order 
of Baring Brothers & Co., Ltd., in Buenos Aires, up to SO per cent of 
the proceeds of the above-mentioned tax, any further requirements to 
be satisfied by the municipality. 

Issued in February, 1914, at 95%. 

Authorized by same laws as 1918 Loan. 

Mofm Osniisii Stamped Bonds 

In January, 1922, the Municipality of Buenos Aires announced that It 
had decided to sue Messrs. Baring Brothers A Co., Ltd., for £1,280,160, 
representing the German portion of the above issue. The Municipality 
claims that payment for these bonds of the German issue. The bankers 
contend that the undelivered part of the loan was to have been paid by a 
German syndicate which, after the outbreak of war, failed to carry out 
Its agreement, and they hold that the Municipality must collect the re- 
mainder of the loan from the German banks. The Municipality states 
that the loan was contracted solely with Baring Brothers, to which firm 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

it declares it has since paid the interest regularly on the full amount 
of the loan. 

It Is understood that the question to be determined in the courts is 
whether the German banks are directly liable to the Municipality or to 
Baring Brothers, and that In the latter case It would be a matter for 
settlement under the Peace Treaty through the British Clearinir Office 
(Enemy Debts). 



BinarOS AZBBS (Olty) 8% XMFBBSTXTO MUJAOIF AX 1897-M 
(Teatro Colon) 

Issued $4,000,000 paper. Outstanding 12.529,700 pai>er (December SI, 
1921). Interest February and August 1. Repayable by sinking fund of 
1% per annum, operating semi-annually by purchase if under par or by 
drawings at par. Sinking fund may be increased at any time. All pay- 
ments at the Credito Publico Nacional, Buenos Aires, exempt from al) 
Argentine taxes. . Bonds in coupon form of |100, |600, |1,000 and |5,000 
paper. 

Authorized by Laws No. 8,474 of January 19, 1897 and No. 8,797 of 
September 11, 1899, for the construction of the Teatro Colon (municipal 
theatre). Issued in January, 1897 and September, 1899, at 80. 



BirSVOS AIBBS (Olty) 6% SMFmSBTXTO MUA101FA& 1908 
(Oasas para Obreros) 

Issued $2,000,000 paper. Outstanding $1,638,900 pai>er (December 81, 
1921). Interest April and October 1. Repayable by sinking fund of 1% 
per annum, operating semi-annually by purchase if under par or by 
drawings at par. Sinking fund may be increased at any time. Exempt 
from all Argentine taxes. Payable at the Credito Publico Nacional, Buenos 
Aires, also in Germany at the fixed exchange of 1.80 marks per $ paper, 
by the Disconto Gesellschafft and the Deutsche Bank, Berlin. Coupon 
bonds of $100, $600 and $1,000 paper. 

Specially secured by assignment of ten per cent, of the proceeds of 
the "impuesto de catastro y delineacion." 

Authorized by Law No. 4.824 of October 14, 1905, for the construction 
of houses for workmen. Underwritten by Ernesto Tornquist St Co., Ltd., 
Buenos Aires, and sold in Germany by the banks named above. 

BV2VOS AZBEB (Olty) XHTBBBA^ 7% OF 1980 

Authorized $50,000,000 paper. Issued $48,068,550 paper. Outstanding 
$43,065,850 paper (December 31, 1921). Interest March 81, June 80, Sep- 
tember 30, and December 81, at Credito Publico Nacional, Buenos Airea 
Repayable in semi-annual amounts of $2,500,000 paper, bonds being pur- 
•chased through tender if the market price is at or under par, or drawn if 
above par. The city may increase the redemption fund or pay off the 
entire loan at any time. All bonds to be redeemed within ten years. All 
payments are exempt from all Argentine taxes. Bonds in coupon form of 
50, 100, 500 and 1,000 pesos paper. 

Issued under law of October, 1920. for redemption of the 7% Municipal 
K^ertiflcates authorized by law of 1915, and for the payment of short loans 
by Kleinwort, Sons & Co., Otto Bemberg & Co., and Hambro & Son, London. 



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ARGENTINA 



BaMa Blanca, City 

City and seaport In the extreme south of the Province of Buenos Aires, 
447 miles by rail southwest of the national capitaL Important railroad 
centre. Situated on the Naposta River, three miles from its outlet into 
the Atlantic; has a fine harbor with modem piers, warehouses, etc. Is 
natural shippinsr port for southern part of Buenos Aires Province, and 
for territory west and southwest, with which its rail connections are 
more direct than are those of Buenos Aires. 

Construction of a new transcontinental railway from Bahia Blanca to 
the Chilean port of Valdivia was begrun early in 1922. Bahia Blanca 
is a prosrressive city with street cars, gas works, electric ligrhts, telephone 
system, etc Population, 44,143. 

Accordingr to Argrentine Custom House returns, exports througrh the 
Port of Bahia Blanca in 1918 were valued at 132,690,766 ffold, and in 1919 
at $64,216,938 srold, or about 6% of the total exports of the Republic. 

8AMZA. B&AVOA COttj) BzUmia 6% 

Issued Fes. 8,820.000. Outstandinsr Fes. 8,732.000. Denomination: Fes. 
500. Interest pasrable M. & N. Sinkinir Fund of 1% per annum redeems 
by purchase or drawinsrs in 37 years besrinningr 191S. Payable in Paris 
in Fc8. Free of Argentine taxes. 

Authorized by Law of January 22, 1912. Issued for the purpose of 
redemption of 7% Loan of 1907; the construction of slaughter houses, 
houses for workmen, etc, and secured by the share of the Municipality in 
the proceeds of the light supply, cleaning, patentes de rodados. various 
taxes and general licenses. 

Cordoba Province 

Situated in the central part of Argentina, north of Buenos Aires and 
west of Santa Fe. Area, 62,160 square miles. Chief products are cattle, 
cereals and fruit. Marble and salt are mined; gold» silver, copper, lead 
and iron are found, but production is not yet important. 

According to the census of 1914 there were 2,836 industrial and 6,477 
commercial establishments in the Province, employing a capital of 75,- 
064,368 and 112,697,436 pesos paper respectively. Province is traversed 
by several railways which connect it with other parts of Argentina, north, 
south, east and west. Population, 787,748. Capital and chief city is 
Cordoba. 

Budgets of expenditures for recent years have been as follows: For 
each of the years 1915, 1916, 1917 and 1918, 9,275,175 pesos paper; for 
1919, 9,766,727 pesos paper. 

Figures of actual revenues in the above years are not available; but 
the figures of internal debt would indicate some deficits. 

As of December 31, 1921, the external debt of the Province was reported 
as the equivalent of 16,810,020 pesos paper. The Internal debt was given 
as follows: pesos paper 

Treasury Bonds, Law No. 2,746 6,367,670 

Treasury Bonds of 1920, Law 246 64,003 

Debt to Federal Government 29,212,002 

Debt to Banco Hipotecario Nacional 1,167,763 

Debt to Caja Provincial de Vubilaciones, Law 

No. 2469 1,020,000 

Total Internal Debt 37,811,838 

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KIMBER'S RECORD OF GOVERNMBNT DEBTS 

OOmDOBA (PrOTlBM) 
SxtMTBal bouui of 1887 * 1889 

Issued £779,600. Outstanding £607.200. Interest payable In advance 
January and July 1. Under settlement reached in October, 1907, the 
Province of Cordoba took over the loans from the Municipality, vis., 
£198,400 Sterling 6% Loan of 1887 and £596.200 Sterling 6% Lioan of 
1889. (£14,100 of these Issues not deposited with the Committee were 
excluded from the arrangrement) The interest in arrears was cancelled. 
The oriflrlnal capital remains in gold, and amortisation is at the rate of 
%% sold per annum cumulative. Interest at 2%% sold, payable for six 
years, 1907 to 1912; 2%% gold for six years. 1918 to 1918; 8^% gold for 
six years, 1919 to 1924; 8%% gold for six years. 1926 to 1980; i% gold 
thereafter. Oovemment reserves the right to Increase the sinking fund 
and to pay off the whole debt on three months' notice. Redemption by 
purchase if under par, or by drawings at par in Jan. and July at C J. 
Hambro & Son. London. Free of provincial or municipal taxes. De- 
nominations coupon 1100 (Loans of 1887 and 1889). and $500 (1889 Loan). 

CJorrientes Provincje 

Situated in the northeast comer of Argentina, south of Paraguay and 
jiorth of Uruguay. Area, 82.580 square miles, of which nearly two-thirda 
are swamp or under water. Southern districts, however, are high and 
rolling. Climate sub-tropical. Cniief products cattle and horses, lumber, 
cereals and fruit. Few railroads. Population, 864,818, largely Indian 
and mixed races. C^bpital and chief city is Corrientes. 

According to the census of 1914 the Province had 768 Industrial and 
2.389 commercial establishments, employing a capital of 10,460,841 and 
34,958.415 pesos paper respectively. 

The total debt of the Province is given as 776,971 pesos paper as of 
December 81. 1919. The Government claims to own property valued at 
25,000.000 pesos paper, against which there is a debt (in addition to the 
above) of 4,900.000 pesos paper. 

Estimates of ordinary revenues and ordinary expenditures for recent 
years have been as follows: 

(in pesos paper) 
Tear Revenues Expenditures 

1921 6.199.400 4,978,076 

1919 4.858,946 4.868.946 

1918 8.459.000 4,363.946 

1917 8,886.000 8.862.421 

1916 8.885.000 3.852,421 

The budget for 1921 carries an appropriation of 747.482 pesos paper to 
be applied to the public debt 

OOBBXSHTBS (PzoTinoe) 

8% BjEtemal Gold Koaa, 1910 

Issued £896.825. Outstanding £168.620. Interest payable February 
and August 1. Issued in £100 and £20, with their value In Fes. and $ 
gold expressed on them. Are a first mortgage on the Corrientes Railway, 
the proceeds of sales of public lands, and an additional tax of 1% on 
the Contribucion Territorial. Sinking fund 5% applied to annual drawings 

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ARGENTINA 



at i>ar In December, commencing 1911 to redeem bonds In 15 years. 
Free of Argrentine taxes. Agents, Bmile Erlan^rer & Co., London. Issued 
In September, 1910, in London, at 98, for the purpose of extendinir the 
Corrientes Railway, the formation of aerricultural colonies, etc. 

Default — Coupon No. 12 due Augrust 1, 1916, was paid on June 2, 1919. 
Coupon due Feb. 1, 1917, paid July 1, 1919, coupon due Aug. 1, 1917, 
paid Feb. 16, 1920, subsequent coupons belnflr in arrears. Sinking fund 
Is entirely in default. Coupon due Aug. 1, 1918, paid February 1, 1921. 

Coupon due February 1, 1919, paid in 1921. 

Entre Rios Province 

So called because located "between the rivers" Uruguay and Parana. 
Situated in the eastern part of Argentina, north of Buenos Aires and 
adjoining Uruguay. Area, 28,784 square miles, most of which is a well- 
watered and partly-wooded plain. Soil fertile, climate mild. Chief prod- 
ucts, cattle and horses, mutton, wool, wheat and com. Lime and gypsum 
are mined. Is well served by rail and water transportation systems; 
principal roads are the Entre Rios Railway and the Aiigentine North 
Eastern Railway, Brttlsh enterprises. Population of Province, 461.670, 
mostly German, Swiss and Italian colonists. Chief cities are Parana 
(capital) on the River Parana, and Concepcion dn the Uruguay River. 

According to the census of 1914, the Province had 2,882 Industrtal 
and 4,284 commercial establishments, employing a capital of 72,278,682 
and 76,700,886 pesos paper respectively. 

Entre Rios has no external debt. 

The internal consolidated debt is given as 12,450,060 pesos paper am 
of December 81, 1921. 

Estimated ordinary revenues were 7,784,000 pesos paper in 1916, 191f, 
1917 and 1918, and 8,886,216 pesos paper In 1919. Expenditures wer^ 
estimated at the same figures. Actual revenues were 6,792,466 in 191K; 
7,499.484 in 1916; 7.774.421 in 1917; 8,427,869 in 1918; 8,980.722 in 191f, 
and 11,744.966 pesos paper in 1920. 



(VKovliioe) 
B% Voados Pablioos 188S-98-99 (eth Sftroa) 

Issued $4,700,000. Outstanding 11,696,450 paper. Interest quarterly* 
January, etc. Issued in Series A to F, for the consolidation of the floating 
debt and the conversion of the 6th issue. Sinking fund of at least 1% 
redeems by tender or drawings. Free of Argentine taxes. Agents, Credito 
Publico of the Province. Denomination coupon Series A, $50, B, 1100, C, 
$50, D, $1,000, E, $600. F $200. 

Secured by the proceeds of arrears of duties, stamp duty, penalties and 
Boletos de Marcas y Senales. 



BlOfll (FroTliioe) 
6% rondos FubUoos, 1908 (7th Issue) 

Issued $250,000. Outstanding $215,000 paper. Interest quarterly, Janu- 
ary, etc Issued for construction funds of railway branch between Con- 
cordia and Villaguay under law No. 1.848. Sinking fund of 1% redeems 
by purchase or drawings. FYee of Argentine taxes. Agents, Credito 
Publico of the Province. Denominations, coupon $500 paper. Guaranteed 
by the arrears of the rural Land Tax. 



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KIMBER'S RECORD OF GOVERNBfENT DEBTS 



SZOS (FroTiuM) 
6% rondos PnUioos, 1905-7-10 (8th Zmnio) 

Issued |1,200»000. Outstanding: $1,077,800 paper. Interest quarterly, 
January, etc. Issued under laws Nos. 2,262, 1,674, 2,106 as a loan to the 
City of Parana to construct a theatre. Sinkingr fund of 1% redeems by 
tender or drawings. Free of Argentine taxes. Agents as above. De- 
nominations, coupon |100 and $1,000. 

Guaranteed by the property and revenue of the theatre. 



SZ08 (Frovliioe) 
5% rondos Pahlioos, 1905 (9th Zssiie) 

Issued $1,000,000. Outstanding $819,800 paper. Interest quarterly, 
January, etc. Issued for railway construction under Law No. 1,971. 
Sinking fund of 1% per annum. Agents, etc., as above. Denomination, 
coupon $100. 



mzOB (ProTliioe) 
6% Bonos de Bdifloatlon Bsoolar, 1906-10-11 

Issued $8,000,000. Outstanding $2,187,000 paper. Interest quarterly. 
January, etc Issued in Series A to O for school construction, under Laws 
Nos. 2,182, 2,891 and 2,261. Coupon bonds of $60, $100, $500 and $1,000. 
Guaranteed by land tax and inheritance duty. 2% sinking fund redeems 
by tender or drawings. Agents and taxes as above. 



I BlOfll (Provtnoe) 
6% B0B09 de Ctolonliaoton, 1911 

Issued $2,000,000. Outstanding $808,000 paper. Interest quarterly. 
January, etc Issued for colonisation under Law No. 2^824. Guaranteed 
by the proceeds of the sale of land. t%, sinking fund redeems by drawings 
or tender. PYee of Argentine taxation. Agents as above. Denominations, 
coupon $500 and $1,000. 



BZOB (Vxovlnoe) 
6% Bonos Bgldo Oonoordla» 1916 

Issued $2,000,000. Outstanding $1,779,000 paper. Issued for the pur- 
chase of land at Concordia, under Law No. 2,611. Guaranteed by the 
land and its products. 2% sinking fund redeems by drawings or tender. 
Denominations, coupon $500 and $1,000. 



BZ08 (Province) 
7% rondos Pahlioos, 1917 

Issued $4,000,000. Outstanding $2,944,800 paper. Issued for balance of 
budget deficit as of December 81, 1915, under Law No. 2,688. 2% sinking 
fund redeems by drawings or tender. Denomination, coupons $100, $500 
and $1,000. 



! BIOS (ProiriBe«) 
7% rondos Pahlioos (Bsoolar), 1917 

Issued $1,000,000. Outstanding $487,000^ Issued for school construc- 
tion under Law No. 2,588. 2% sinking fund redeems by drawings or 
tender. Denominations, coupon $100, $600 and $1,000. 



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ARGENTINA 

Mendoza Province 

Situated in the western part of Argentina, adjoining Chile, and due 
west from Buenos Aires. Area. 66.502 square miles, most of it mountain- 
ous; much of the remainder is sandy plain with saline basins. Climate 
hot and dry. Chi^f products, alfalfa, raisins and wines. Considerable 
mineral resources, including petroleum, but production small as yet. 
Province is traversed by the main line of the Buenos Aires Pacific Rail- 
way (Buenos Aires to Valparaiso), with several branches. Population, 
S07,560, mostly of Spanish extraction. Principal city is Mendosa, the 
capital. 

According to the census of 1914, the Province had 2.665 industrial and 
8.879 commercial establishments, employing a capital of 171,786,441 and 
46,849.694 pesos paper respectively. 

Estimated ordinary revenues and expenditures for recent years have 
been as follows: 

(in pesos paper) 
Year Revenues Expenditures 

1921 8,495.000 8.107,447 

1980 8.496.000 8,107.447 

1919 8,496,000 8.984,024 

1918 8,496.000 8,984,084 

1917 8,496.000 8,984,000 

Figures of actual revenues and actual expenditures not available. 



l>OSA (Frovinoe) 
6% Xaipnmt Sslwlmur d« 1900 

Issued Fes. 80,000,000. Outstanding Fes. 29,386,000. Interest quarterly, 
February, eta Issued for Public works and increase of Bank capitaL 
Secured by tax of one peso paper on each hectoliter of wine produced in 
the Province, as well as by the Contribucion direota tax. Repayable be- 
fore 1947 by 1% Sinking Fund by purchase or annual drawings. Issued 
In Paris in October, 1909, at 96. Agents, Banco Espanol del Rio de la 
Plata, Benard et Jarislowsky, Liouis Dreyfus & Co., Paris. Pajrable at 
fixed exchange of 6 Fes. to the I gold. Free of Argentine taxes. De- 
nomination coupon $100. 

Authorised by Law No. 488 of August 29, 1909. 



San Juan Province 

Situated in the westerly part of Argentina, adjoining CHiile. Area, 
88,716 square miles, most of it mountainous. Clinjate hot and dry; irriga- 
tion necessary for agriculture. Chief products, cereals and grapes; trade 
tn these is mostly with CHiile. Province contains gold, silver, copper, iron, 
lead and coal; mineral production small. The only railroad is a branch 
of the Buenos Aires Pacific, which connects the capital, San Juan, with 
Mendoza on the main line. Population, 128,993, mostly of Spanish 
extraction. 

According to the census of 1914, the Province had 897 industrial and 
1,279 commercial establishments, employing a capital of 26,706,719 and 
12,024,167 pesos paper respectively. 

78 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Estimated revenues and expenditures of the Province in recent y* 
have been as follows: 

(In pesos paper) 

^eB.r Revenues Expenditures 

1»1» 1.714.997 1.714,997 

1918 1,697.000 1.714.997 

1917 1,939,107 l.'952.8S9 

1916 2,080.122 1.982,848 

1915 1.852,787 1.868,686 

Figures of actual revenues and expenditures not available. 

BAM JVAM (FrovlBOS) 
5% Bxtemal &oa& of lfO» 

Issued Fes. 12,500.000 (12,600,000). Outstanding Fes. 11,809,600. 
Interest quarterly, January, eta Issued for refunding, irrigation work 
and increase of capital of the Banco Provincial de San Juan. Secured 
by general revenues and a tax of one peso paper on each hoctollter of 
wine produced in the Province, and the bank takes an annuity of Pcs^ 
276,000 and in addition pledges 60% of its net revenue. Repairable before 
1948 by sinking fund of 1% by purchase or annual drawings. Free 
of Argentine taxes. Payable at the Banque Argentine St Francaise, Paris. 
Authorized by Law of September 22, 1909. Denominations, coupon Fes. 
600 ($100 gold). Issued in Paris in January, 1910. at 94%. 



Santa Pe Provincje 

In the central part of Argentina, immediately north of the Province 
of Buenos Aires; the river Parana is its eastern boundary. Area, 60.916 
square miles; soil fertile, well watered and well wooded. Chief products, 
wheat, corn, linseed, alfalfa, cattle, horses. One of the most productive 
provinces in Argentina. Covered by a network of railways, centering in 
the cities of Santa Fe and Rosario. Population. 988.840. 

According to the census of 1914, the Province had 6,829 industrial 
and 10.948 commercial establishments, employing a capital of 188,020,767 
and 285,267.497 pesos paper respectively. 

The external debt of the Province as of December 81. 1919. was given 
as the equivalent of 55,449.480 paper pesos, and the internal debt as 
12,815.650 paper pesos. These are latest complete figures available. The 
internal funded debt as of December 81, 1921. was 12,248,172 pesos paper; 
amount of floating debt was not reported. 

Estimated revenues and expenditures in recent years have been as 
follows: 

(in pesos paper) 
Tear Revenues Expenditures 

1919 15,670,886 15,670,886 

1918 17.525.000 15,366,144 

1917 17,625.000 16.866,144 

1916 17,526,000 16.816,617 

1915 17,625,000 16,408,607 

Figures of actual revenues and expenditures not available. 

T4 



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ARGENTINA 



6% Xttpmiit MmUxUn* A* 1910 

Issued Fes. 47;880,000. Outstanding Fes. 46,095,000. Interest March 
and September 16. Coupons acceptable In payment of taxes. Redeemable 
before 1960 by % % sinking fund operating through drawings or purchase. 
Free of Argentine taxes. Payable in Paris at the Banque de Paris et des 
Pays Bas, and in Buenos Aires at Portalls & Co. Denominations, coupon 
Fes. 600. 

Secured by the proceeds of the exploitation of the Port of Santa Fe, 
upon the harbor property, revenues from the duty on Quebracho, 10% of 
the proceeds of the Contrlbudon. Directs, and on other taxes. 

Authorized for the conversion and redemption of various loans pre- 
viously outstanding, and issued in Paris in 1910 at 97. 

SAinrA VB (PrOTlBM) 

•% BeudA X&tema OoasoHAada, 1888 

Authorized and issued $6,000,000 paper. Outstanding |420,960 paper. 
Interest quarterly, January, etc. Redeemable through 1% sinking fun& 
by drawings or payable quarterly on January 1, April 1, July 1 and Octo- 
ber 1. Free of Argentine taxes. Denominations coupon $60, $100, $600 
and $1,000 paper. 

Secured by stamp duty, slaughter-house tax and the general revenue. 

Authorized by Law No. 2,004 of Aug. 14, 1886, and issued for the pay- 
ment of the debt owed to the Banco de la Provincia de Santa Fe, and 
various other debts. Agents Banco Expand del Rio de La Plata, Buenos 
Aires. 

SAJTTA FB (Provliioe) 

8% BmiU X&tMnuh OOBSoUdftda, 1898 

Authorized and issued $8,000,000 paper. Outstanding $1,862,222 paper. 
Interest quarterly, March 1, etc Issued for consolidating floating debts. 
Secured by stamp duties and slaughter-house tax. 1% sinking fund re- 
deems by tender or drawings. Sinking fund can be Increased at any 
time. B^ree of Argentine taxes. Agents, Banco Bspanol del Rio de la 
Plata, Buenos Aires. Denominations coupon $60, $100, $600 and $1,000 
paper. 

Authorised by Law of June 6, 1898. 

BABTA FB (PvoTinoe) 

8H% BuMida Foblica, 1908 

Authorized and issued $3,000,000 paper. Outstanding $2,726,600 paper. 
Interest quarterly, February, etc. Sinking fund of H% redeems by tender 
•r drawings. Sinking fund can be increased at any time. Free of Argen- 
tine taxes. Denominations coupon $100, $600 and $1,000 paper. 

Authorized by Law No. 1,606 of June 11, 1908, issued for the consoli- 
dation of floating debts of the Province, and secured by the general 
revenues. Agents, Banco Espano del Rio de La Plata, Buenos Aires. 

MAMVJL n (PvoTinoe) 
8% BMd* FttbUoA, 1909 

Authorised and issued $2,280,000 paper. Outstanding $2,269,000 paper. 
Interest, quarterly, January, etc. Issued to satisfy claims of the succes- 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 



sora of Dr. Casado. Slnktngr fund of 1% redeems by tender or drawings. 
Denominations coupon $1,000 paper. Free of ArgrenUne Taxes. AgeAts and 
guarantee as above. 

Authorised by Law No. 1,665 of June 26. 1909. 

SAJTTA FS (FroTliioe) 
e% Deuda Xatezna, 1919 

Authorized 18.000.000 paper; Issued $1,236,600 paper; outstanding $1.- 
217.900 paper. Repayable by cumulative sinking fund of 1% per annum, 
operating by purchase or drawings. 

Authorised by Law No. 1.974 of December 80. 1918. 

8AVTA FS (FroTllios) 
7% DeiUU Xatexna, 1920 

Authorised $4,188,460 paper. Issued and outstanding $8,767,600 paper 
Interest semi-annually. Repayable through sinking fund of 1% per 
annum by purchase or drawings. 

Authorised by Law No. 2.004 of July 1. 1920. and Issued for con- 
version of bonds pf the 1886 loan. 

Bosario, C5ity 

The second largest city of Argentina and a river port of the Province 
of Santa Fe. situated on the west bank of the Parana River about 18$ 
miles northwest of Buenos Aires. Important railway center. Has good 
harbor for vessels of medium draught, modem docks, warehouses, terminal 
railway, etc.. and Is the shipping port for a large part of northern Argen- 
tina. Chief Industries are sugar refineries, flour mills, breweries and 
smaller manufactures. A handsome, well laid out city, with every modem 
Improvement Population. 222.692. 

Exports through the port of Rosarlo In 1918 were valued at 64,662,066 
pesos gold, and In 1919 at 128.069.978 pesos gold, or 8% and 12% respec- 
tively of the total exports of the Republic. 

Estimated revenues and expenditures of the municipality In recent 
years have been as follows: 

(In pesos paper) 
Year Revenues EiXpendlturea 

1919 4.669.916 4.669.916 

1918 4.602.286 4.602.286 

1917 4.602.286 4.602.286 

1916 4.647.840 4.706,186 

1915 6.182.461 6.460.804 

Figures of actual revenues and expenditures not available. 



(Oity of) 
4% Bterllag OouTersloa &oa& 

Authorised £2.000.000. Issued £1.986.076. Outstanding £1,982.776. 
City of Rosarlo. Redemption to begin May 1, 1918, by operation of 
cumulative sinking fund of %% per annum from Nov. 1. 1917, by pur- 
chase below par or drawings at i>ar. Bonds In denominations of £1.000 



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ARGENTINA 



(A). £600 (B), £100 (C) and £25 (D). Free of all Argentine taxes. 
Interest May and November 1. Issued in exchange for original bonds of 
Guaranteed by Province of Santa Pe. Agents, C. J. Hambro & Son, 
London. Authorized by Law of July 6, 1907. . 

Default— In April, 1919, Messrs. C. J. Hambro & Son announced the 
receipt of a cable from their Buenos Aires Agents stating that the Muni> 
dpality of Rosario could not make any remittance for the coupon due 
May 1, 1919. Late In 1919 it was announced that the Province of Santa Pe 
had offered Treasury Bills maturing Aprtl 27, 1920. for an amount to cover 
interest and amorUzation Due Nov. 1. 1919. Coupon due May 1, 1920, was 
paid in cash, but coupon due Nov. 1, 1920 was paid by the Province 
(not the city) in Treasury Bills due March 1, 1921. 

Coupon due May 1, 1921, was paid in Treasury Bills as above (later 
redeemed In cash). Coupon due November 1, 1921, was paid at London 
in cash on March 1, 1922. 



Santa Pe, City 

(Capital of the Province of Santa Fe, located on the river Parana about 
299 miles northwest of Buenos Aires. Important railway center. The 
river port is good for small steamers only, being Inferior to that of 
Rosario. A quaint, old-fashioned town, well laid out, but of no great 
commercial Importance. Population, 69,574. 

BSstimated revenues and expenditures of the municipality in recent 
years have been as follows: 

(in pesos paper) 
Year Revenues Expenditures 

1919 1,484,924 1,434,924 

1918 1,446,880 1.484.924 

1917 1.359,870 1,840,140 

1916 1,224,300 1,216,148 

1915 1.296,100 1,286,428 

Figures of actual revenues and expenditures not available. 

SAJTTA VB (Caty of) 
6% Bztenua Debt of 1905 

Issued £800,000. Interest March and September 1, guaranteed by 
the Province of Santa Pe. Issued under contract of March, 1906, in 
settlement of debt created by the Issue of the 6% Loan of May, 1889. 
Interest payable at the rate of 4% currency for ten years from March 
1, 1905, to February 28, 1915, and at 6% currency on and from March 
1, 1915. The Municipality is not bound to redeem the debt, but has the 
right, to make redemptions of not less than 1% per annum cumulative 
at one time, by purchase below par, by drawings at par. Exempt from 
municipal and provincial taxes. The Municipality has the right to redeem 
the whole of the loan in gold at 80, within 30 years on 6 months* notice. 
Denominations, Sterling Bonds £100, and Sterling Funded Coupon Bonds 
£25. 

Authorized by Laws of March 27, 1889 and July 29, 1904, and guar- 
anteed by the Province of Santa Fe, by deposit of 10% of the whole of 



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KIMBER'S RBX:QRD OF GOVERNMENT DEBTS 



lU income ariains from receipts of municipal taxes. Agents. C. J. Ham- 
bro ft Son, London. 



Tucuman Province 

A small province in the northwesterly part of Argentina. Area, 8,926 
square miles, about half of it mountainous, the remainder very fertile 
alluvial flatlands. Chief products, lumber, sugar, hides and leather, cheese 
and rum. The main line of the Argentine State Railways (Buenos Aires 
to Bolivia) traverses the province from south to north. Population, 
S5t),978. Capital and chief city, Tucuman. 

According to the census of 1914, the Province had 788 Industrial and 
2,678 commercial establishments, employing a capital of 89,194,687 and 
81,878,146 pesos paper respectively. 

£:stlmated revenues and expenditures of the Province In recent years 
have been as follows: 

(in pesos paper) 
Tear Revenues Expenditures 

1921 7,980,652 7.980,662 * 

1920 7,930,652 7,930,652 

1919 7,980,662 7,930.552 

1918 6.600.929 6.433,926 

1915 6,476,307 6,383,918 

Figures of actual revenues and expenditures not available. 

TVOUWLAJK (Vroylno*) 

6% Bmpmnt. XxUrlenr D« IfM 

Issued Fes. 25.000,000. Outstanding Fes. 21,855.500. Interest quarterly, 
February, etc. Issued for conversion of loan of 1906. Secured by tax of 
1 centavo paper on each kilo sugar produced in the Province. Repayable 
before 1946 by Sinking Fund of 1% by tender or annual drawings. Free ' 
of Argentine taxes. Payable by the Banco Espanol del Rio de la Plata. 
Paris and Buenos Aires, and Messrs. Louis Dreyfus & Co., Paris. Issued 
by them in 1909 at 96. Denomination, coupon Fes. 500. 



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Kimber's Reports on 
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Published on the 7th and 
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Subscription Price $15.00 a Year 



A. W. KIMBER & COMPANY 

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NEW YORK 



Cable Addmt: ''RABAUER'' 



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United States and Canadicm Representatives of 

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LONDON (England); VIENNA (Austria)} BUDAPEST 

(Hungary); CZERNOWITZ (Roumania), and branches 

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AUSTRIA 



The Austrian Republic was established November 12, 1918. It consists 
of the former Austrian provinces of Upper Austria, Lower Austria, Sals* 
burer. North Tyrol, Styria, Carinthla, Vorarlbergr and German Western 
Hungary. 

Area 82,066 square miles. Population (census 1920) 6.412,420. 



fOY 

Monetary Unit, Gold Crown (Krona) =$0.2026 U. S. 

With the exception of a period of about ten years before the war of 
1914. Austria has been in trouble through inflation of currency for over 
125 years. As long ago as 1795, when the country was at war wjth 
France, over-issue of government 26 and 100-florin certificates brought 
about serious depreciation. In 1811 this depreciated paper was converted 
into new notes on the basis of five florins in eld notes for each one florin 
in new. The next year Austria again went to war with France; by 1815 
the new notes were down to one-eighth of their par value in silver. From 
that time until 1888, periods of inflation and deflation or conversion suc- 
ceeded one another, with great disturbance and loss to public and private 
finance. 

From 1889 to 1914 Austria was in comparative peace with her neigh- 
bors, and enjoyed unprecedented prosperity with large favorable balances 
of trade. In 1892 measures were adopted for a reform In the currency, 
and the gold krone (crown) declared the standard. The Austro-Hungarlan 
Bank was established and vested with the sole right to Issue paper cur- 
rency. Its notes being redeemable in gold. The outstanding government 
notes were then gradually redeemed, and by 1904 practically all of them 
had been retired; from that time till the outbreak of war in 1914 Austria 
was on a grold basis. 

The European War of 1914-1918 was the occasion of further great 
issues of bank-notes, and since that war the country has suffered from 
the most serious currency depreciation in its history. 

There are no notes of Government issue. Notes in circulation are 
those of the Austro-Hungarlan Bank, specially stamped by the Govern- 
ment of the Republia On September 7, 1920, the total bank notes in cir- 
culation amounted to 66,866 million kronen, of which 20,888 million were 
in the Republic of Austria. As of December 81, 1920, the latter figrure 
had been marked up to 32,000 million. As of January, 1921, the Austro- 
Hungarlan Bank was in liquidation, but a special department continued 
to issue banknotes. 



▲mrmo-KinrOAaZAy BAVK (irow Austrian Bank) 

Feb. 15, 1922 Nov. 80, 1920 May 80, 1914 

Assets: Kronen Kronen Kronen 

(3old coin and bullion, bills 1,793,000 272,206,000 1,265,824,000 

SUver 5,000 66.642,000 294,480,000 

Bills discounted, warrants 

and drafts 44,696,943,000 80,248,781,000 

Loans 678,597,000 8,849,426,000 

Liabilities: 

Notes in circulation 288,665,668,000 77,024.176.000 2.290.008.000 

DeposiU 86,079,000 9,001.679.000 



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KIMBER'S RBXX)RD OF QOVBRNMBNT DEBTS 

romaxav oomoBBOB 

The Government states that because of the rapid fluctuations in the 
Talue of Austrian currency it has been impossible to estimate the value 
of its foreign commerce. In quantity, during the period from July 1, 
1919 to June 80, 1920. imports amounted to a total of 4.200.000 tons, 
exports 970,000 tons. Three-fourths of the imports (by weight) were coal. 

Partial figures for 1921 indicate slowly reviving Industry. The imports 
Into Austria from January to September, 1921, totaled 6,300.000 tons, 
an increase of about 2,000,000 tons over the corresponding period of 
1920. Chief articles of import were coal, 4,448,000 tons, and grain, 446.000 
tons. There were increases recorded in- imports of raw materials of 
Industry, such as pig iron, hides and skins, and In cotton and woolen 
goods. The principal sources of Austria's Imports were Cfeechoslovakia, 
which furnished 42 per cent, of the total amount, and Germany, which 
furnished 88 per cent The United States supplied only 1.6 per cent. 

Exports from Austria for the first nine months of 1921 amounted to 
#29,000 tons. Of this quantity wood amounted to 264.000 tons, an increase 
over exports In the corresponding period of 1920 of 87,000 tons; ores 75,000 
tons, a decrease of 14,000 tons; and magneslte 57,000 tons, an increase 
of 10,000 tons. Increases were shown in the most Important industrial 
products, such as textiles, paper goods, rubber goods, leather, wooden 
articles, cement, clay products, rolled iron, machinery, electrical supplies, 
bicycles and automobiles. Of Austria's exports, 22 per cent, was taken 
by Italy, 17 per cent, by Chechoslovakia, 16 per cent by Germany, 14 
per cent, by Hungary, and 2.7 per cent, by the United States. 



QormrnKMEMT mavBHUJi Aim xxfbhdxtubb 

Budget for year ending June 80, 1920: Revenue from direct taxes 
545,400,000 kronen, from Indirect taxes 2,696,600,000 kr., other revenue 
2,162.700,600 kr.; total: 7,214,600,000 kronen. Expenditure— Debt service 
1.762,700.000 kr.. other expenditures 15,110,700,000 kr.; total: 16,878.400,000 
kronen. Deficit, 10,678,800,000 kronen. 

Budget for year ending June 80, 1921: Revenue from direct taxes 
1,674,400,000 kr., indirect taxes 7,946,600,000 kr., levy on capital 
2.500,000,000 kr., other revenue 8,684,000,000 kr.; total: 20.656.000.000 
kronen. Expenditure— Debt service 5,081,600,000 (Including amortization), 
other ordinary expenditure 6,867.200.000 kr., extraordinary expenditure 
21,745,700,000 kr.; total: 88,194,500,000 kr. Deficit, 12.589.600,000 kronen. 

Actual revenues for the year ending June 80, 1921, were 28,958,800,000 
kronen, actual expenditures 71,132,700.000 kronen, resulting in a deficit 
of 42,179.400,000 kronen. 

Deficits are covered by the issue of Treasury Bonds discounted at the 
Austrian Bank, which issues paper currency against them. 

Budget estimates for the year ending June tO, 1922, laid before the 
National Council in October, 1921, show revenue of 98,000,000,000 kronen, 
expenditure of 258,000.000,000 kronen. This showed a deficit of 166 billions, 
but It was subsequently announced that depreciation of the Austrian crown 
would add 106 billions, making the estimated deficit 270.000.000,000 kronen. 

82 



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AUSTRIA 



VAnOVAA FUBSZO BBBT 

Th« natiooal pulDlio debt of Austria was officially stated to be 
foUows (as of Augrost 16. 1920): 

Old pre-war debt (Austria's % not yet de- 
cided) Funded Kr. 12.260,333.000 

Unfunded Kr. 347,909.000 
War Debt Internal 

War LK>an8 Kr. 83.083.022,600 

Due Austro-Hungarian Bank for Loans 26,086,800.000 

Due for bonds of this Bank 4,488,438,170 

Loans from other banks 1,684,061,262 



64.887.806.982 



ESztemal (to governments only) 

To (Germany marks 2,696,068.500 

" Holland florins 16.600,000 

•• Denmark kroner 1.148.987 

" Sweden kroner 70.070 

" Bulgaria leva 8.600.000 

" Ukarainia (in Austrian kronen 161,600.000 

Debts oontraoted by the Austrian Republic 
(as of Auffust 16. 1920) 

Internal funded debt kronen 1,778.400,000 

Internal floating debt kronen 17,368,800,000 

External debt German marks 200,000,000 

Swiss francs 6.666,684 

Dutch florins 8.842.810 

Norwegian kronor 1.600.000 

It is expected that the war debt will be scaled down at least 60 per 
cent, through the assumption of certain portions of it by the other new 
States formed out of the old Austro-Hungarian empire. 

No later official flgures were available in March. 1922. 



yATMBXT or 

Up to April, 1919. the service of the Austrian (Government bonds was 
maintained as far as compatible with war legislation. After that date, 
difficulties with regard to responsibility for payment arose between the 
newly-formed Republic of Austria and the States which under the Peace 
Treaty had been formed out of or had absorbed parts of the old Dual 
Monarchy, and Austria formally announced suspension of payments. 
Under the Treaty of St. Germain, signed on the 10th of September. 1919, 
rules were laid down for the apportionment of the Debts of the Monarchy, 
and the Austrian Republic since that date has confined itself to buying 
the coupons of its own nationals, certain exceptions being made in the 
case of neutrals and former allies. 



PBS- WAS BOVDS TO BB BZCSAHOBB 

On December 81, 1921, the United States Department of State announced 
that American holders of the pre-war bonds of the former Austrian 
(Sovemment which were owned by American nationals domiciled outside 



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KIMBER'S RECORD OF GO^^^RNMENT DEBTS 

of Austria or the Succession States on July 16, 1920, should be deposited 
with the State Department at Washington for transmission to the Repara- 
tion Commission of the Leagrue of Nations. 

This announcement was made pursuant to a decision of dhe Repara- 
tion Commission in accordance with the provisions of the treaty between 
the Allied and Associated Powers and Austria sisrned at Saint-Germain- 
en-Laye. September 10, 1919. The United States did not ratify this treaty, 
but is actinsr in co-operation with the sisrnatories thereto. 

Holders of the old bonds so deposited may expect to receive in ez- 
changre for them new bonds to be issued by the Governments of the new 
States of Austria, Czecho-Slovakia and other successors to the old king- 
dom. After a date to be announced the old bonds will be null and void, 
and not entitled to be exchanged for new bonds. 

The Austrian bond issues referred to are the following: 
5% Silver Bentes (Florins) 
5% Paper Bentes (Florins) 
4% Gold Bentes (Florins) 
4% Kronen Bentes 
8H% Kronen Bentes 
4% Converted Bentes (&ronen) 

4H% Bedeemable Treasury Botes (Bterlinff Zksue) 
Ziottery &oan of March, 1800 
lottery &oan of Vovember, 1864 
4% Treasury Bonds of 1914 
4H% Treasury Bonds Series ▲ (dollars) 
4H% Treasury Bonds Series B (dollars) 
4H% Treasury Warrants of ICaroh, 1914. 

On August 24, 1921, the United States entered into a Treaty with 
Austria to establish securely friendly relations between the two nations. 
By Article I of this Treaty Austria accords to the United States rights 
and advantages stipulated for the benefit of the United States in the 
Treaty of Peace between the Allied and Associated Powers and Austria 
which was signed at SaInt-Germaln-en-L.aye on September 10, 1919, but 
not ratified by this country. Article 208 of the Treaty of Saint-Germain 
provides, in regard to bonds of the Austrian pre-war unsecured debt held 
outside of the territories of the Succession States of the former Austro- 
Hungarlan Monarchy, as follows: 

"Holders of unsecured bonds of the old Austrian Government debt 
held outside the boundaries of the states to which territory of the former 
Austro-Hungarlan Monarchy is transferred, or of states arising from the 
dismemberment of that Monarchy, including Austria, shall deliver through 
the agency of their respective Governments to the Reparation Commis- 
sion the bonds which they hold, and In exchange therefor the Reparation 
Commission shall deliver to them certificates entitling them to their due 
proportionate share of each of the new issues of bonds corresponding to 
and issued In exchange for their surrendered bonds under the provisions 
of this Annex." 

The new issue of bonds referred to in this paragraph are those pro- 
vided for In Paragraph 4 of the Annex to Article 203 Which reads as 
follows: 

*'E:ach State which, under the terms of Article 208, is required to 
assume responsibility for a portion of the old unsecured Austrian Govern- 

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AUSTRIA 



ment debt, and which has ascertained by means of stamping: the old 
Austrian bonds that the bonds of any particular issue of such old Austrian 
Bonds held within its territory were smaller in amount than the amount 
of that issue for which, in accordance with the assessment of the Repara- 
tion Commission, it is held responsible, shall deliver to the Reparation 
Commission new bonds equal in amount to the difference between the 
amount of the issue for which it is responsible and the amount of the 
same issue recorded as held within its own territory. Such new bonds 
shall be of such denominations as the Reparation Commission may re- 
quire. They shall carry the same rights as regards interest and amorti- 
sation as the old bonds for which they are substituted, and in all other 
respects the conditions of the new bonds shall be fixed subject to the 
approval of the Reparation Commission." 

The Reparation Commission, at its 216th meeting held on August 23, 
1921, decided that the Governments, other than those of the states to 
which territory of the former Austro-Hungarian Monarchy has been 
transferred or which had arisen from the dismemberment of that 
Monarchy, including Austria, should be requested to call in as soon as 
possible the bonds of the Austrian unsecured pre-war debts belonging to 
their nationals and held outside of the territories of the Succession States 
at the date of the coming into force of the Treaty of Saint-Oermain, July 
16, 1920. This decision reads in part as follows: 

"Bach Government should make its own arrangements for the stamping 
of these bonds, should take note of the nominal value of the issue and of 
the numbers of the bonds, and of any special characteristics, and of the 
name and address of their present holders, and should transmit lists con- 
taining these particulars to the Reparation Commission before the end of 
the current year. On receipt of these lists, the Commission would de- 
liver to each Government a comprehensive provisional certificate definitely 
fixing the total nominal value of the bonds of each issue held by the 
nationals of the Government concerned. 

"As soon as the Commission had determined, in accordance with para- 
graph 2 of Article 208, the portion of the unsecured debt for which Austria 
and each of the Succession States would assume responsibility, and when 
it had received the new bonds which were to be issued, in accordance 
with paragraph 4 of the Annex to Article 203, by the States which had 
stamped a quantity of Bonds smaller in amount than the amount for 
which they must assume responsibility, according to the figure determined 
by the Commission, the latter would require each Government to hand 
over the bonds entered on its lists, and would distribute in exchange to 
each of the interested Governments the portion accruing to it of each of 
the new issues. This portion in accordance with Article 203, should corre- 
spond to the proportion existing between the amount of the bonds pre- 
sented by that Government and the total amount of the pre-war bonds 
presented to the Reparation Commission to be exchanged for the new 
bonds." 

'Government Bond Issues in Detail 

▲USTBZAV OOT^ 8H% BOITDB 07 VOY. 1, 1914 
(rivst War &o»i&) 

Due April 1, 1920. Issued, 2,179,752,200 kronen. Interest payable 
April 1 and Oct. 1 at the Imperial Royal Treasury at Vienna. Coupons 
are void unless presented for payment within six years of maturity and 



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KIMBER'8 RECORD Of QOVBRNMBNT DEBTS 

bonds within thirty years of maturity. Principal and interest payabla 
without deduction of taxes and duties. Denomination, coupon 100, SOO, 
1,000, 2.000 and 10,000 kronen Redeemable any time as a whole or In part 
upon three months' published notice in the Wiener Zeitun^. SubscriptioiM 
were received from Nov. 12 to Not. 24, 1014, at 07.60 to yield 6.02% 

AumrmiAM oo'tt 8H% boitdb or mat i, i*ia 

(■•ooad War IfOaa) 

Due May 1, 1926. Issued, 2,668,821,800 kronen. Interest payable May 
1 and Not. 1 at the Imperial Royal Treasury at Vienna. Coupons art 
TOid unless presented for payment within six years of maturity and 
bonds within thirty years of maturity. Principal and interest payable 
without deduction of taxes and duties. Denomination, coupon 100, 200, 
1,000, 2,000 and 10,000 kronen. Redeemable any time as a whole or la 
part upon three months' published notice in the Wiener SSeitunir. Sub- 
scriptions were received from May 8 to May 27, 1916, at 96.26 to yield 
6.14%. 



▲murmxAV oo'tt 8H% bohdb of oot. i, i»i8 

(TUzd War &o«a) 

Due Oct 1, 1980. Issued, 4,208,061,900 kronen. Interest payable Jan. 
1 and July 1 at the Imperial Royal Treasury at Vienna. Coupons are 
▼old unless presented for payment within six years of maturity and bonds 
within thirty years of maturity. Principal and interest payable without 
deduction of taxes and duties. Denomination, coupon 100, 200, 1,000, 
2,000 and 10,000 kronen. Redeemable any time as a whole or in part 
upon three months' published notice in the Wiener SSeitung. Subscrip- 
tions were received from Oct. 7 to Nov. 6, 1916, at 98.60, to yield 6.16%. 



▲VBTmZAV GOTT 5H% BOXD8 AMD 5H% TBBASinilT VOTBS 

or APBZ& le, 1916 
(Tourtli War ZK>ai&) 

Due — ^Bonds, June 1, 1966; Treasury Notes, June 1, 1928. Issued, 
4,620,292,000 kronen. Interest payable June 1 and Dec. 1 at the Imperial 
Royal Treasury, Vienna. Coupons are void unless presented for payment 
within six years of maturity and bonds within thirty years of maturity. 
Principal and interest payable without deduction of taxes and duties. 
Denomination — Bonds, Coupon, 100, 200, 1,000, 2,000, 10,000 and 20,000 
kronen in series of 5,000,000 kronen each; Treasury Notes, Coupon 1,000, 
6,000, 10,000 and 60,000 kronen. Redeemable (Bonds only) as follows: 
From 1922 to 1956 at par by annual drawings of an amount to approxi- 
mate the amount of interest paid that year; bonds will be drawn by 
series (6,000.000 kronen each) in December each year for pajrment the 
followingr June 1, the first drawing to take place Dcember, 1921; after 
June 1, 1926, the (Government reserves the right to increase draw- 
ings or to redeem the bonds in whole or In part upon three months' 
published notice in the Wiener Zeltung. Subscriptions were received from 
April 17 to May 16, 1916, at 98 for Bonds and 96.50 for Treasury Notes, 
to yield 6.96% and 6.80%, respectively. 

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CKrrr sh% bovimi An rmMAmumr mormm ov 

% 90, 1916 
(TtfCh Wat &oaa) 

Due— Bon<U 1922 to 1966; Treasury Notes June 1. 1922. Issued 4,- 
460,000,000 kronen. Interest Juns and December. Bonds of kr. 60 de- 
nomination have only yearly coupons attached which fall due on Dec. 1. 
Redeemable — ^Bonds only, In the years 1922 to 1966 by annual drawings 
In December, for repayment the following June 1, at par. Sinking fund 
can be Increased, or whole loan paid ofC upon three months' notice after 
June 1, 1926. Redemption takes place in series of kr. 6,000,000. Free 
of taxes and duties. Coupons are void unless presented for payment 
within six years of maturity, and bonds and notes within thirty years 
of maturity. Denominations — Bonds, coupon 60, 100, 200, 1,000, 2,000, 
10,000 and 20,000 kronen; Treasury Notes 1,000, 6,000, 10,000 and 
60,000 kronen. 

Subscriptions were received from Nov. 20, 1916 to Dec. 16, 1916, at 92.6f 
for Bonds and 96.60 for Treasury Notes. 

AUsraxAM CKrrr 5H% bombs An 

APBX& 1, 1917 An MAT 1, 1917, 
<Slzth War &oaa) 

Due — ^Bonds 1922 to 1967; Treasury Notes May 1. 1927. Issued 4,- 
908,890,000 kronen. Interest April 1 and October 1 for Bonds and May 
1 and November 1 for Treasury Notes. Bonds of kr. 60 denomination 
have yearly coupon attached, payable April 1. Free of taxes and duties. 
Repayable — ^Bonds only, in the years 1928 to 1957 by annual drawings 
in October (first prospective drawing In 1922) and payable the following 
April 1 at par. Sinking fund can be increased or whole loan called for 
payment after Jan. 1, 1927, after three months' notice. Notes can be 
called for payment at any time upon three months' notice. Coupons are 
void unless presented for payment within six years of maturity and Bonds 
and Notes thirty years of maturity. Denominations coupon — ^Bonds €0, 100, 
200. 1.000, 8,000, 10,000 and 20,000 kronen, and Notes 1,000, 6,000. lO.OOf 
and 50,000 kronen. 

Subscriptions were received from liay 10 to June 8. 1917. at 92.50 for 
Bonds (in series of kr. 6.000,000) and 94 for Treasury Notes. 

AUBTBXAM QOT^ 6H% BOBBS An TBBASVBT BOTBS OV 

VOTBMBSB 1, 1»17 
(Ssrenth War Xkmui) 

Due— 6onds 1928 to 1967; Treasury Notes Aug. 1, 1926. Issued 5.- 
809,476,800 kronen. Interest February 1 and August 1. Repayable— 
Bonds in the years 1928 to 1957 by annual drawings in February (first 
drawing 1928) and pasrable the following August 1. Sinking fund can be 
increased or whole loan callable after Jan. 1. 1927, upon three months' 
notice. Notes callable at any time upon three months' notice. (Coupons 
void unless presented for payment within six years of maturity and bonds 
and notes within thirty years of maturity. Denominations, coupon Bonds 
50, 100, 200. 1,000. 2,000. 10,000 and 20.000 kronen, and Treasury Notes 1,000. 
5.000, 10,000 and 50,000 kronen. 

Subscriptions were received from Nov. 8 to Dec. 2. 1917. at 92.60 for 
Bonds and 94.60 for Treasury Notes. 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

AVBTmiAK OOTT 5H% BOITDB An TBBASinilT VOTB8 OV 

JUVB 1, 1918 
(Blglitli Wat ^oan) 

Due — Bonds 1924 to 1958; Treasury Notes at any time. Issued 5,- 
814,000,000 kronen. Interest March 1 and September 1. Repayable — ^Bonds 
1924 to 1958 by annual drawingrs In September (first drawing: 1928) in 
series of kr. 5,000,000. and payable the following: Mar. 1. Sinking: fund 
can be increased or whole loan called after Jan. 1, 1927, upon three 
months' notice. Notes callable at any time upon six months' notice after 
1928. Coupons are void unless presented for payment within six years 
of maturity, and bonds and notes within thirty years of maturity. De- 
nominations, coupon Bonds 50, 100, 200, 1,000, 2,000, 10,000 and 
20,000 kronen and Treasury Notes 1,000, 5,000, 10,000 and 50,000 kronen. 

Subscriptions were received from May 28 to July 2, 1918, at 92.50 for 
Bonds and 96 for Treasury Notes. 



▲VSTBZAV CK>'rT 8ZX-YBAm 6% VOTB8 1981-1987 

Issued and outstanding: — ^not stated. Dated January 1, 1921. Due* 
January 1, 1927. Interest January and July 1. Repayable at par January 
1, 1927, but holders have the rig:ht to demand repayment at par on the 
first of any month, upon ^ving: three months' notice. Repasrment upon 
such demand after January 1, 1922, entitles the holder to a premium of 
one-tenth of one per cent, of the face amount of his bonds for every 
three months elapsed since date of issue. All payments in kronen at 
Vienna, free of all taxes. Coupon bonds of kr. 10.000. 50,000 and 100,000. 



City of Vienna 



The City of Vienna, population about 2,000,000, is the capital and 
the chief commercial and industrial city of Austria. It is one of the* 
most important railway and waterway centers of central Europe. It 
has extensive manufactures of iron and steel groods, silk, cotton* furni- 
ture, fancy g:oods, leather, and bronze, as well as breweries and dis- 
tilleries; and has a large trade in g:rain, cattle, wood, and manufactured 
articles. Vienna is one of the handsomest of European cities. 

The City owns outrig:ht its own g:as and electric works, electric rail- 
way systems, public market and slaughter houses, water supply system*, 
etc. 

YXBmA 4H% &OAV or MAMOK, 1917 

Issued: 260,000,000 kronen. Dated, March 15, 1917. Interest payable 
March 15 and September 15; principal and interest payable at Vienna. 
Principal repayable within 60 years by drawing:s at par each September 1ft- 
(beg:inning: September 15, 1917), for repayment 6 months later. Redeem- 
able as a whole or In part at any time after 1927 upon three months' 
notice. 

Principal and Interest payable free of all Austrian taxes, present and 
future. 

Denominations: coupon 200, 500, 1,000, 2,000, 5,000, 10,000 Kronen. 
Coupons not presented within 8 years and drawn bonds within 80 years 
of maturity will be prescribed. 

This loan was authorized by resolution of City Council February 28, 
1917, for the purpose of paying 5%% Treasury notes then outstanding,. 

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AUSTRIA 

and for other purposes. Offered for public subscription March* 191^, 
at 98 per cent and interest. 



WA 4H% £OAV or APBZ&, 1917 

Issued: 80.000.000 Kronen. Interest pajrable April 1 and October 1. 
Principal repayable within 15 years by annual drawingrs each April 1 
(beginninsT April 1, 1918) for repayment 6 months later. Drawingrs are 
for repasrment at par of K6,000.000 each in the first 14 years, ana 
KIO.000,000 in the 15th year. Principal and interest payable at Vienna, 
interest tax exempt. Outstanding: 65.000,000 Kronen. 

Coupons and drawn bonds are void If presented 8 years and 80 years 
respectively after maturity. 

This loan was issued pursuant to authority given in 1914 for public 
works and extraordinary war losses. Purchased by a syndicate of Vienna 
Banks at 94.6% in April, 1917. 



WA 4% BOHS8 or 1918 

Issued: 250,000,000 Kronen. Outstanding: 248.950.000 Kronen. Dated: 
October 29, 1918. Interest payable March 1 and September 1 at Vienna 
exempt from all Austrian taxation. Repayable within 60 years by annual 
drawingrs at par beginningr September 1, 1919, for payment 6 months later. 
Denomination: 200, 500, 1,000, 2,000, 5,000 and 10.000 Kronen. 

These bonds were authorized to cover purchases of food and for neces- 
sary public works. They are a direct obligation of the City of Vienna 
and are a legal investment for Trust Funds in Austria. 

Coupons and drawn bonds are void if presented 3 years and 80 years 
respectively after they mature. 



WA 5% TBBASinilT VOTB8 Or 1920, BVB 19S4 

Issued: 800,000,000 Kronen. Dated: May 24. 1920, due May 24, 1924. 
Interest May 15 and November 15 at Vienna; Repayable at par May 24, 
1924. Principal and interest payable free of all Austrian taxation, present 
or future. Denominations: 500, 1,000, 6,000 and 10,000 Kronen in coupon 
form only. 

A direct obligation of the City of Vienna, authorized by the Austrian 
Diet on April 28, 1920. Legal investment for Austrian Trust Funds. 

Coupons and drawn bonds are void if presented 8 years and 80 years 
respectively after they mature. 

YTEMWA 5% £OAV Or 1921 

Issued and outstanding 1.000,000,000 kronen. Dated March 1, 1921. 
Due March 1, 1981. Interest March and September 1. Not redeemable 
for ten years from date of issue. Repayable by annual drawingrs on 
March 1 of each year, beginning March 1, 1931, for payment six months 
later. Drawings may be increased at option of the City. Principal and 
interest exempt from stamp tax and municipal taxes, and the City of 
Vienna agrees to pay the Austrian Government Tax "Rentensteuer" present 
and future. Denominations 1,000, 2.000, 5.000 and 10,000 kronen. The 
bonds are printed in English, French and German. 

Direct obligation of the City of Vienna and issued under Resolution 
of January 18, 1921. Pr. Nr. 600. 

Offered for subscription in Austria at 96%. A portion of this issue 
offered in the United States in July and August, 1921. by Morton Lachen- 
bruch & CO., New York, and others, at $16.50 per 10,000 kr. bond. 



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BELGIUM 



ll.STS sQuare mileo. About three-flUui of the total area is under 
cultivation. Belgium !■ the most densely populated and probably the most 
intensively cultivated country in the world. Land ownership is widely 
distributed, one man in six being a landowner. 

VOFmATZOV 

1919 (Estimated) 7.677,027 

1914 (Estimated) 7.658,000 

1900 (Census) 6.698,648 

1910 (Census) 7.428,784 

VATZOVA& WXA&TK 

The national wealth is estimated at 66.800,000.000 francs (at par of 
exchange, 110,769,000,000). Belgian capital is found in a great variety of 
enterprises in other countries, such as mines, railways, electric power 
enterprises, tramways, etc., the total foreign investments being estimated 
at 8,600,000.000 francs (at par of exchange, $1,640,000,000). There are 
Belgian banks, mines, railways, etc, in South America, China, Spain, and 
Italy; more than 100 tramway and electrical power enterprises in various 
parts of Europe have been financed with Belgian capital. 



VMLQIAM OOVOO 

The Belgian Ck>ngo, a source of great potential wealth, has an area 
80 times that of Belgium and about one-third that of the United States. 
Belgium has received a mandate over the adjacent northwest portion of 
what was formerly (German East Africa. 

The Congo contains one of the richest deposits of copper in the world* 
and extensive deposits of tin. iron and coaL It produces considerable 
gold and about one-tenth of the world's output of diamonds. The 
principal exports are palm kernels, palm oil. copal, rubber, coffee, ivory, 
gold, diamonds and copper. 

Steps have been taken to extend the cultivation of cotton and it is 
expected that in a few years the colony will be supplying a large amount 
of the raw material for Belgium's textile Industry. The native popula- 
tion is estimated at 16,000.000. A sufficient and adaptable labor supply 
is available for a considerable development of the agricultural resources 
of this region. It Is along these lines that the greatest development may 
be expected in the immediate future. 

The war stimulated the economic life of this region, particularly in the 
eopper and palm oil Industrlea There are 9,400 miles of navigable water- 
ways, and 1.300 miles of railways in operation. The projected additional 
mileage when completed should afford better transportation facilities for 
the interior. 

The development of the Congo should give a new market for Belgian 
manufactured products, supplies of raw materials for Belgian industries, 
and a variety of products for export to other countries, which In time 
should result In a large Increase in the total wealth of Belgium. 



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BELGIUM 



HoneUry Unit, Fimno=|0.1980 U. 8. 

Member of Latin Monetary Union. Gold is the actual standard, but no 
gold has been minted since 1882. 

The one bank of emission is the National Bank (Banque Natlonale de 
Belgique). The following statement shows position of note circulation 
at various dates. 

Dec. 29, 1921 Dec. 29. 1920 May 28, 1914 
A88BT8 Francs Francs Francs 

Coin (gold, silrer and 

bullion) 827.758,000 822,921,000 882,660,000 

Securities 425,972,000 756,087,000 697.600,000 

LIABILITIES 
Kotes in drculaUon . . 6.289,576,000 6.119,280.000 984.160.000 
Current accounta 676.918.000 1.178.774,000 112,126.000 

During occupation the Germans put into circulation over 6.100.000,000 
marks and compelled the Belgians to accept them at the forced rate of 1 
mark for 1.26 francs. The retirement of these marks was accomplished 
partially through the Monetary Restoration loan, through which 1,644.647.- 
890 (German marks were withdrawn from circulation. To complete the re- 
placement 6.800.000.000 francs were put at the disposal of the Govern- 
ment by the Banque Nationale. the Government to repay only the prin- 
elpal and the actual charges of printing and issue. Through these opera- 
tions, a total of 6.141.600.000 German marks were withdrawn and de- 
posited in the Banque Nationale. Ehrentuai redemption of these marks 
at 1.26 francs each is assured by an agreement between Belgium and 
Germany, signed November 26. 1919, whereby the latter agrees to con- 
vert 6.600.000.000 marks into treasury bonds of the German Republic, 
bearing interest at 6% from May. 1921. and redeemable in blocks of 
60,000,000 semi-annually from May 1. 1920 to May 1. 1989. 

As of March 1. 1922. no payments in cash had been made by Germany 
OB this account 

The inflfition in Belgian currency is serious, and is due in large measure 
to borrowings by the Government from* the Bank. The one bank of 
emission is the Banque Nationale. Prior to the war there was ample gold 
cover for all notes in circulation, but at this time the percentage of gold 
to notes Is only a little over five. The increase in notes in circulation 
during 1921 was not serious, but nevertheless there was an increase, and 
there have been further issues of notes since January. 1922. Deflation 
of currency has not yet begun in Belgium. 



OOUMMM OV 

Figures of average wholesale prices in Belgium are not furnished in 
very satisfactory form, and no comparison of present prices with those 
prevailing before the war can readily be made. Taking average prices 
of December. 1920. as a basis of 100, wholesale prices in Belgium during 
1921 were as follows: January. 66.4; February. 92.8; March. 84.0; April. 
79.0; Miay, 78.0; June. 78.8; July, 74.2; August. 71.8; September, 74.6; 
October, 78.3. 

The Belgian Ministry of Labor and Industry furnishes complete 
index figures for retail prices showing cost of living, but these of course 
have no significance in relation to the foreign trade of the country. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

It will be observed that prices declined in Belgium dxiringr 1921 less 
than in almost any other European country, a fact which, considered in 
connection with the figures of paper currency circulation, goes far to 
explain the comparatively weak position of the Belgian franc 



roBszav oommbbcb 

In Belgian Francs 



Tear 
1921.. 


Total 

Imports 

10,064.584.000 

12.941.766.000 

5.076.000.000 


Imports Per Cent Total 
from U. S. from U. S. Exports 
7.147.827.000 


Per 
Exports Gent 
to U. 8. to U. S. 


1920. . 


8.862.011.000 






1919. . 


... 2.296.000.000 








In U. 8. Dollars 






1918.. 
1912., 
1911.. 
1910.. 
1909.. 


974.628.000 
966.896.000 
882.406.000 
828.187.000 
714.988.000 


81.166.000 8.8 717.162,000 
79.869.000 8.8 762.685.000 
65.895.000 7.6 682.418.000 
44.619.000 6.4 657.684.000 
68.498.000 7.6 642.277.000 


20.682.000 
28.010.000 
21,999.000 
22.609.000 
20.668.000 


2.9 
8.7 
8.8 
8.4 
8.8 



The figures shown are c. i. f. and f. o. b. the frontier, as given in the 
Tableau General du Commerce. These are. based on official valuations 
revised annually by a special commission appointed by the Minister of 
Finance. 

The foreign trade of Belgium, entirely suspended during the war. 
showed remarkable recovery in 1919 and 1920. This recovery continued in 
1921. Belgium being one of the few countries in the world which in- 
creased its imports and exports during that year. 

The official figures of foreign trade show a decrease in values from 
the previous years' totals, but these values refiect merely the decline 
in prices. The actual volume of trade as measured by figures of quantity 
was considerably greater in 1921 than in 1920. Figures in tons are: 
Imports, 1920, 18,847.000; 1921. 17.698.000; Exports, 1920. 10.418.000; 
1921. 17.699.000. 

Belgium Is one of those countries which normally have an excess of 
Imports over exports, a so-called "unfavorable" balance of trade. This 
of course is for imports and exports of commodities only. Belgium's 
Invisible exports are an important factor in the balancing of her inter- 
national account. Belgian capital invested in foreign enterprises is. 
estimated at from 8.000 million francs to 10,000 million francs, from 
which the country enjoys an annual revenue of from 400 million francs 
to 600 million francs. For many years before the war this was more 
than sufficient to offset the excess of imports, leaving a substantial 
balance to the credit of the country for reinvestment in foreign enter- 
prises. As the trade balance now stands, this revenue from abroad is 
not sufficient to balance the account, but a progressive improvement may 
be noted. 

Trade of Belgium with the United States during the last three years 
was as follows: Exports from Belgium to the United States — 1919. 
$7,700,000; 1920. $47,443,000; 1921. $85,242,000. Imports into Belgium 
from the United States— 1919. $377,888,000; 1920. $282,480,000; 1921, 
$117,881,000 (figures of the U. S. Department of Commerce). 



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BBLQIUM ^ 

Revenue Expenditure 

Francs Francs 

•1921 2,810,680.000 

•1920 1.108.679.000 1.597.407.000 

1919 805.845.000 1.105.400.000 

1914 807.814.000 808.754.000 

1918 807.788.000 928.619.000 

1912 777.601,000 896.778.000 

1911 788.028.000 810,927,000 

1910. 816.406.000 829.466.000 

•Budget estimate. 

The above iUrures are those of ordinary revenues and expenditures 
only. For 1919 the extraordinary revenue was 2.088.100,000 francs; extra- 
ordinary expenditure 2.706.760.000 francs. 

The budget of Belgium Government revenue and expenditure has 
usually been presented to the legislature during the month of December 
prior to the year to which the budget applies. Since the war this pro- 
cedure has not been adhered to. and votes of credit have been passed to 
meet the expenditures authorized. Figures ^ estimated expenditures 
for post-war years have not been conclusive, additional votes of credit 
from time to time covering expenditures not authorixed in the original 
budget. Thus in 1919. 246.800.000,000 francs of additional credits were 
voted, and in 1920. 1,482,800,000 francs additional. During 1921 these 
additional expenditures were considerably reduced, but a heavy deficit 
was nevertheless recorded. 

The total actual expenditures- for 1921 are estimated at 9,689,742,000 
francs. This figure involved a deficit of 4,500 million francs (covered 
by loans). The deficit in 1920 was 5.250 million francs, and in 1919 
6.000 million francs. It is stated that the financial administration expects 
to get the deficit down to slightly over 1.000 million francs for 1922. 

BVDOST rOB 1988 

The budget for 1922. as presented to the Belgian Parliament in March. 
1922. estimates revenues and expenditures, exclusive of the state rail- 
road and telegraph accounts, as follows: 

(in Belgian francs) 

Revenues Expenditures 

Ordinary Budget 2,670,579.000 2.581,850.000 

Extraordinary Budget 2,600,000 886,298,000 

Budget of expenditures chargeable 

to G^ermany 2,600,870,000 2,286,976.000 

It will be observed that while the budget of ordinary revenue and 
expenditure practically balances, there is a deficit of over 880,000,000 
francs in the extraordinary budget. This is without considering the 
possibility of additional votes of credit. 

The collection of the 2,500,000,000 francs shown as recoverable from 
Germany within the year 1922, is of course uncertain. 



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KIMBBR'8 RBCORD OF GOVgRNMBNT DEBTS 

VATIOVA& FUBIaZO BSBT 

As of Aug:mit 1. 1914. the debt stood as follows: 

Francs 

Share of Belfium in the old Netherlands debt (1842) 819.959.fSl 

lioans at 1% 8.628.067,80f 

S% Sterling Loan of 1914 S02.700.000 

Floating debt 684.809.000 

Total 4,579.996.487 

As of December 81. 1920. Interest bearing debt of Belgium consisted 
of internal loans amounting to 15.591.201.889 francs (18.009.101.964). and 
external loans of 2.457.860.000 firancs ($474,866,980). These figures do not 
include advances made by France. Bnglajid and the United States before 
the Armistioe, amounting to $941,000,000, which arie to be ooyered by 
deposit of Oerman gold bonds. 

In addition to the above debt, there is non-interest bearing debt 
amounting to 6.500.000.000 frs.. representing advances made to the 
Belgian Qovemment by the National Bank of Belgium for withdrawal of 
mark circulation. Against this non-interest bearing debt the Belgian 
Government holds German Treasury Bonds equivalent in fkmncs to the 
amount of such debt ^ 

Practically all of the pr»-war debt of Belgium was incurred for the 
construction of railways and other works of public utility. 

Bebt a* BeoeiBber 81, IMl 

As of December 81. 1921, the debt of the Belgian Gtov^mment was 
84.708.775.8)00 francs; about 4 billion francs of this is pre-war dsbt, 
the remainder comprising the total of bend issues and floating debt 
incurred during 1919-1920 and 1921. The figure given includes the foreigB 
debt calculated at current rates of exchange. 

During 1921 the funded debt was increased by the issue in February 
of a 4H per cent, loan of one billion francs, and in October by the issue 
of the 6 per cent, consolidation loan for 1.500.000.000 francs. The thres 
billion francs of monetary restoration bonds issued in December. 1918. 
and which fell due in December. 1921. were paid off as to 600 million 
francs in cash and the balance, 2.400 million francs, converted into 6-year 
5 per cent, treasury bonds. 



PBAOa TBBATT ZV mS&ATZOV TO BSBT OV BX»»ZUM 

The Versailles Treaty indicates the purpose to restore Belgium* through 
reparation payments to its pre-war financial, industrial and economie 
position. It provides that Germany shall reimburse Belgium by a special 
issue of negotiable gold bonds for all sums borrowed from allied and 
associated governments up to November 11. 1918. 

In addition, the Belgian Government is to receive the first 2.500.000.000 
francs ($482,000,000) of the sums paid by (Germany, to be applied in part 
toward the liquidation of advances by the allied governments to Belgium 
since the Armistice. According to the division of the reparation moneys 
and equivalents which has been agreed upon, 8% of the remaining repara- 
tion payments which Germany is to make to the Allies will be paid to 
Belgium. 



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BBLGIUM 

QOYmwanfonKT baxziWats 

The Belgian GoTemment owns more than 2,500 miles of standard 
^uge railways, approximately one-half of which is double-tracked. These 
lines represent 90% of the standard gauge mileage of the country, 
and a total inrstment by the Government of over 8 billion francs. The 
operation of the State railways before the war was successful financially, 
a substantial surplus having been accumulated after payment of interest 
and sinking funds on the debt incurred in the development of the system. 

The Belgian Government also supplied about 44% of the capital ex- 
pended in the development of 2,471 miles of light, meter-gauge roads, 
which form a network through the farming regions and serve as feeders 
for the standard gauge railroads. 

At the time of the Armistice, 1,866 miles of standard gauge track and 
1,419 bridges had been destroyed. By July 1, 1920, all of these lines had 
been reconstructed. In January, 1921, the available freight car capacity 
reached 94% of pre-war capacity. 

In the ten years prior to 1914 the net return of railways, telegraphs, 
telephones, post offices, and other investments averaged about 90% of 
the total interest charges on the debt of the Belgian Government. For 
this period the interest and sinking fund charges on the total Government 
debt, if the net return from State utilities and investments had been ap- 
plied to such charges, would have required on the average only 18% of 
the remaining net Government revenues. This is a conservative figure 
and an indication of a sound basis for Government credit Relatively 
speaking, taxes were light and for the most part Indirect, leaving a wide 
range of possible expansion of State revenues through taxation. From 
1886 to 1918 the ordinary receipts were in excess of the ordinary ex- 
penditures, such excess receipts being applied to capital expenditures. 

Gtoyemment Bond Issuee in Detail 
MiMMAMtJ k ran 

In 1904 the annual sinking fund for the 8% debt, originally flxed at 
20 centimes per cent, of the issued debt, was raised to 80 centimes (ac- 
cumulative). Bonds are purchased in the market semi-annually if ob- 
tainable at or below par. If the price exceeds par, the action of the 
sinking fund is suspended and the unapplied sums are carried to the 
budget of extraordinary revenue and expenditure; they may be applied 
equally to the redemption of 2H% debt, according to the conditions laid 
down in the Law of December 19. 1874. The Law of April 24. 1902, 
modified by that of December 26, 1904, created a supplementary sinking 
fund. 8.80% of the total sums which, by the above-mentioned process, 
have been successively carried to the budget of extraordinary revenue 
and expenditure. 

The time limit for payment of coupons and interest on registered 
bonds is five years, after which time cou^ns not presented are void. 

BXKOZAV CK>T^ aH% mMMTM 

Issued. Fes. 889,417,682, outstanding Fes. 219,969,684. Interest pay- 
abls January 1 and July 1 at Agents of Cashier of State in Belgium, 
and at Messrs. de Rothschild Freres in Paris. Bonds of fcs. 10.000, fcs. 
6,000, fcs. 2.000, fcs. 1,000, fcs. 600, fcs. 200 and fcs. 100 in coupon form, 
but may be registered and re-converted. 

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KIMBBR'S RECORD OF GOVERNMENT DEBTS 

This debt, which amounted originally to fcs. 889.417»682» represents 
the share of Belgium in the national liability of the Netherlands, in virtue 
of the treaty of 5th November, 1842, after separation from that kingdom. 



BS&OZAV GOT^ 8% BSVTB (1st tNries) 

Issued, Fes. 544,956,275. Outstandinff, Fes. 616.822, 975. Interest pay- 
able January 1 and July 1, same agrents as for 2H% Bonds. Bonds of 
fcs. 10,000, fcs. 6,000, fcs. 2,000. fcs. 1,000. fes. 600, fcs. 200 
and fcs. 100 each in coupon form, but may be registered and reconverted. 

Issued as follows: Fcs. 140,915,975, under Law of 15th February, 1805, 
for the conversion of the 3H% debt (1st Series); fcs. 208,046,600. under 
Laws of 27th June, 1897, and 16th April, 1898, for the redemption of the 
concessions of the Anvers-Gand, Qrand Central, and Liegeois-Limbourgoois 
Railways; and fcs. 195,998,800 under various Laws. 



8% BSVTB (Sd Series) 

Issued, Fcs. 2,999,686,582. Outstanding, Fcs. 2,849,848,282. Interest 
payable May 1 and November 1 at same agents as for 2H% Bonds. In 
the case of fcs. 18,250,000 Bonds issued in London in 1874. coupons are 
also payable by Baring Brothers & Co., Limited, at fixed exchange of 25 
francs, 25 cents. Conditions of repayment are the same as for the 1st 
Series. Bonds of fcs. 10,000, fcs. 5,000, fcs. 2,000, fcs. 1,000, fc& 600, fcs. 
200 and fcs. 100 each in coupon form, but may be reeristered and re- 
converted. 

Issued as follows: Fcs. 2,039,196,700, between 1878 and 1919. to pro- 
vide funds for the purchase of railways and the execution of public works; 
and fcs. 960,489,882 for the conversion of the 8^% debt (2d Series), 
under Law of 15th February, 1896. 

3% BBVTB (3rd Series) 

Issued, Fcs. 260,505,200. Outstanding, Fcs. 248,026,800. Interest pay- 
able February 1 and August 1 at same agents as for 2H% Bonds. Bonds 
of fcs. 10,000. fcs. 2,000, fcs. 1,000, fcs. 600. fcs. 200 and fcs. 100 each 
in coupon form, but may be registered and re-converted. 

This debt consists of (a) fcs. 200.040,000 issued under Law of 16th 
February, 1895, for the conversion of fcs. 200.040,000 SH% Bonds (8d 
Series), and (b) fcs. 60,465.200 issued under various Laws. The conditions 
of repayment are the same as for the other 8% Bonds. 



IB BB&ZOAV QO'TT XVTBBBA& AOAVS 

8% of 1878 (Mllitory Service) outstanding 822,869, frs. 

8% of 1893 (Military Service) outstonding 1.866.880 frs. 

8% rente (Wellington & City of Brussels) outstanding 12,687,900 frs. 

8% annuities (Railway Purchases) outstanding 855,700,000 frs. 

8% railway purchase bonds, outstanding 189,867,000 fr& 

8% bonds (Brussels Harbor Works) outstanding 10,818,200 frs. 

BB&OZAB OOTT 3% STBBSZBO &OAV OV 1914 

Issued £12,000,000. OutsUnding £11,252.560. Coupon bonds of £20, £100. 
£600 and £1,000 each, with coupons payable February 5 and August 6. 
Repayable within twenty-five years by annual purchases under par or by 
drawings at par (in Brussels in the first week of January of each year), 
the first redemption to take place February 6, 1915. Payments are made 

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BELGIUM 



in London, in Sterllngr (by Baring Brothers & Co., Limited), and in 
Brussels and Antwerp, at the exchange of the day on London, free of 
Bel^an taxes. 

Up to July 1, 1914, holders of scrip had th« option of exchanging the 
same, free of expense, for stock inscribed in the books of the Bank of 
England, and of the total amount of £12,000,000, £214,260 is now repre- 
sented by stock; transfers can only be made of such sums of stock as are 
represented by the relative bonds, and transfers of the stock must express 
the numbers and denominations of bonds against which the certificates 
have been issued; transfers are effected by ordinary forms, free of charge 
and stamp duty, the books being kept by the Bank of England. Any bonds 
drawn against which certificates for stock have been issued are repaid 
at the Bank of England, and in the event of a bond, or bonds, being 
drawn representing a portion of a stock certificate, a fresh certificate will 
be issued for the balance free of charge. Holders of bonds may at any 
time exchange for stock at the Bank of England on payment of the com- 
mutation stamp duty of 2s. 6d. per £10, or fraction thereof, and holders 
of stock may at any time exchange their certificates for the relative 
bonds, but such holders will be liable for stamp duty which may be 
payable in respect of the bonds. Interest on stock certificates is trans- 
mitted by mail, unless otherwise directed. 

£6,000,000 was issued In February, 1914, and £6,000,000 in March, 1914; 
of the February issue £2,750,000 was applied for, and was to be allotted 
in full on the terms of the prospectus before it was issued, and the 
£8,250,000 was issued at 77%, through Baring Brothers & Co., Limited, 
8 Blshopsgate. E. C, and the London County and Westminster Bank, 
Limited. Lombard Street, E. C, and branches, and. of the March issue 
£8,000,000 was applied for, and was to be allotted in full or the terms of 
the prospectus before it was issued, and £3,000,000 was issued at 80% 
through the same institutions. 

MBOLQIAM GOT^ 5% VATZOVAXi BB8TOBATZOV &OAV 07 1919 

Issued and outstanding 1,675,677,300 francs. Dated April, 1919. Due 
June 1, 1934 (optional). Interest June and December 1. Interest pay- 
able free of all Belgian taxation, present or future. Denominations: 
Coupon and fully registered bonds of from 100 to 10,000 francs. Coupon 
and registered interchangeable at the Banque Nationale de Belgique. 

Repayable by sinking fund of H% per annum by purchase in the mar- 
ket at or below par; if the price advances above par purchases are sus- 
pended; the entire outstanding is to be retired within 49 years from 
1919; the loan is redeemable at par at the option of the Government on 
and after June 1, 1934. 

Offered for public subscription in April, 1919, at 94% for cash sub- 
scriptions and at 96 for instalment payments. 

VEJbQIAM govt XNTBBVBOTZVCXAI^ BOHS8 07 1919 

Outstanding: 6% Bonds 480,000,000 francs; 3% Bonds 1,867,000,000 
francs. Issued in 12 series with interest semi-annually on the 10th of 
the month. 

These bonds were originally obligations of various Belgian cities and 
communes representing fines and contributions Imposed by the German 
Government of occupation during the war, 1914-1918. By law of Novem- 
2>er 14. 1919, the Belgian Government guaranteed these bonds, assuming 

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KIMBBR'S RECORD OP GOVERNMENT DEBTS 

all liability in respect of them and includingr the necessary credit for 
payment of interest in the budget of the National Oovemment. The 
bonds are to be refunded within five years from November 14, 1919. 



WMLQIAM QOTnS 6% IMTSmVAA PBaMIVlK &OAV OV IMO 

Issued and outstanding 2,600,000,000 francs. Dated May 16, 1920. In- 
terest May and November 16. Repayable within 75 years by annual 
drawings on March 1 for payment May 16 at 160%, i. e. 760 fca for each 
600 franc bond. First drawinsr March 1, 1921. Principal, premium and 
interest payable without deduction for any Belgian taxes, present or 
future. Coupon bonds of 600 frs. each. The Oovemment has the option 
to redeem the entire issue after May 16, 1940 at par, plus the average 
value of the redemption premium taken over 66 years. 

As a sinking fund the Government covenants to set aside annually 
the fixed amount of 186,686,760 francs. Interest on all bonds called will 
be added each year to this fund, thus increasing annually the amount 
available for retirement of bonds. 

^ Offered for public subscription from February 12, 1920 to March 6, 1920, 
at 499 francs per 600 franc bond. 

VSLQIAM QOV^ 0% CX>VTXSTZBUB S-YBAB VOTB8 1990-1986 
(Amerloaa, Issue) # 

Issued $26,000,000. Outstanding 118.600,000. The one-year notes form- 
ing part of the original issue were paid January, 1921. 

Dated January 1, 1920. Due, January 1, 1926. Interest January 1 and 
July 1. Principal and interest payable in New York In United States gold 
coin at the office of J. P. Morgan & Co., or of Guaranty Trust Co., New 
York, Fiscal Agents, without deduction of any present or future Belgian 
taxe& Coupon notes in denomination of $1,000. 

These notes are payable at par at maturity. The Noteholder, however, 
has the option at any time until maturity of the Notes of surrendering 
his Notes and of requesting the Fiscal Agents, under regulations to be 
prescribed by them, to sell 11,000 Belgian francs per $1,000 Note at such 
rate in the market as may be obtainable, but not less favorable than 11 
francs per dollar (1. e., 9.09 cents per franc). Upon such sale the Note- 
holder will receive par and accrued interest for his notes and one-half of 
the profit on exchange, the other half of such profit being retained for 
account of the Belgian Government. The Noteholder is to pay customary 
commissions for the sale of the Belgian exchange, not to exceed ^% of 
the principal amount of the surrendered notes. This option operates as a 
call on Belgian exchange during the life of Notes, entitling the holder to 
one-half of the profits arising from the sale of Belgian exchange as above 
indicated upon any advance from the rate of 11 francs to the dollar. 

The Belgian Government agrees that if in the future it shall offer for 
public subscription any loan secured by a lien on any specific revenue 
or asset of the Government, this present loan shall be secured ratably 
with such loan. 

Offered for subscription on January 16, 1920. the Five-year Notes at 
96% and interest, yielding over 7%, and the One-year Notes at 99 and 
Interest yielding over 7%. Sjmdlcate composed of J. P. Morgan A Co. 
and Guaranty Trust Company of New york. fiscal agents in the United 
States for the Belgian Government, in conjunction with the First National 
Bank of N. Y;, The National City Co., Bankers Trust Co., Central Union 



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BELiOIUM 

Tru8t Co., Chase National Bank, National Bank of Commerce, Liberty 
National Bank, Harris, Forbes & Co., William A. Read & Co., Kidder. 
Peabody A Co., Lee Higgrinson & Co., all of New York, and Central Trust 
Co. of Illinois, Continental & Commercial Trust & Savings Bank, First 
Trust & Savingrs Bank, Illinois Trust & Savings Bank, and Halsey, Stuart 
& C6. of Chicago. 

Listed on the New York Stock Exchange. 



bOZAv Qorrr 7%% bxtsbvai. &oav or imo 
Amerloan Issue 

Issued and outstanding: $60,000,000. Interest payable June and Decem- 
ber 1. Dated: June 1, 1920. Repayable within 26 years by annual draw- 
ings on each June 1, beginning June 1, 1921, of not less than $2,000,000 
principal amount at 116% and interest. Principal, interest and premium 
payable in United States gold coin, free of all Belgian taxes, present or 
future, at J. P. Morgan & Co., and Guaranty Trust Co., New York. Bonds 
in coupon form of $600 and $1,000. 

The Government covenants to pay to the Sinking Fund Trustee in 
New York not less than $2,300,000 in United States gold coin on or before 
March 10 in each year, to be applied to the redemption of bonds as above. 
The Belgian Government also agrees that if in the future it shall offer 
for subscription any loan secured by a lien on any specific revenue or 
asset of the Government, tliis loan shall be secured ratably with such 
loan. 

Offered June, 1920, by J. P. Morgan & Co. and Guaranty Trust Co., 
New York at 97^ and interest. The yield at this price Is estimated at 
from 24.89% if redeemed in 1921 to 7.96% if paid in 1946. 

Listed on the New York Stock Exchange. 

BB&OZAV GOVT 8% BXTSSlTAXi JbOAM 07 1981 
American Zesne 

Issued and outstanding $80,000,000. Dated February 1, 1921. Due 
February 1, 1941. Interest February and August 1. Principal, premium 
and interest payable in U. S. Gold at J. P. Morgan & Co. or Guaranty 
Trust Company, New York, free of all Belgian taxes, present or future. 
Denominations: coupon $600, $1,000, not interchangable. Principal repay- 
able as follows: 

The Government of Belgium covenants to pay quarterly, beginning 
May 1, 1921. to J. P. Morgan & Co. and Guaranty Trust Company of New 
York, as Sinking Fund Trustees, sums sufficient to purchase each year 
$1,600,000 of bonds at not exceeding 107%% and accrued interest. In 
the event that, prior to December 16, 1926, bonds are not purchasable 
tfirough the sinking fund in amounts sufficient to retire bonds at the 
rate of $1,600,000 a year, the unexpended balance in the sinking fund is 
is to be applied to the redemption of bonds by lot at 107%% on February 
1, 1926. Any moneys remaining in the sinking fund on December 16, 
in each year thereafter are to be applied to the redemption of bonds by 
lot at 107 H% on the next February 1. All bonds not previously retired 
by the sinking fund are to be paid at maturity at 107%% and accrued 
interest. The bonds are redeemable as a whole or in part at the option 
of the Government on any interest date on and after February 1, 19S1, 
107%% and accrued interest 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

These bonds are a direct obligation of the Government of Belerium 
but are not specifically secured. The Government covenants that If In 
the future it shall Issue by public subscription any loan having a lien 
on any specific revenue or asset, these bonds shall be secured equally 
and ratably with such loan. 

Offered January, 1921. at par ami interest by J. P. Morgan & Co., 
Guaranty Trust Company of New York, National City Company and 
others. 

Listed on the New York Stock Exchange. 

BBZiOZAV GOV'T TBEA8U»T BZU^B 
iMniMi of 1920^ 19ai and 1922 

These bills are dated as issued and due six months from date of 
issue. The bills bear no interest but are sold at a discount of 5% per 
annum, or a price of 97^%. Denominations of 5,000 francs only. The 
bills are free of all Belgian taxes, and are accepted as collateral up to 
80% of their face value at all agencies of the Banque Nationale de 
Belgique. Within 90 days of maturity they can be discounted at the 
Public Treasury in Brussels at 5%% per annum, or at the official dis- 
count rate of the Banque Nationale, if that rate exceeds 5^%. 

BYom and after August 8, 1921, rate of discount was reduced to 4% 
per cent. 

BEM^XAH 4% ZiOTTBBT ImOAX OF 1921 

Fttderation dMi Co-op«ratlTes Pour Dommages de Onerre 

This loan is an obligation of the above-named organization, formed 
under the auspices of the Belgian Government to make reparations in 
anticipation of German indemnity payments. Payment of principal, 
premiums and interest is guaranteed by the Belgian Government. 

Issued and outstanding, 1,000,000,000 francs. Interest at 4% payable 
annually January 10, free of coupon and provincial taxes. Bonds in coui>on 
form of 250 francs each. Redemption is to be effected within 90 years 
by drawings at par, and the Government may pay off the entire loan at 
par in or after 1931. Premiums will be paid as follows: During the 
first period of 10 years there will be eight drawings per year, including 
16 prizes, of which six will be of 1,000,000 frs. (Total prizes, 7,000,000 
frs. annually.) During the second period of 10 years four prizes of 
1,000,000 frs. annually. (Total prizes. 6,000.000 frs. annually.) Third 
period of 70 years, four prizes of 1,000,000 frs. annually. (Total prizes, 
6,000,000 frs. annually.) These are in addition to other prizes varying 
in amount down to 50,000 frs. 

Offered for public subscription in Belgium in January, 1921, at the 
price of 80%, or 200 francs for each 250 franc bond. 

Because of the lottery feature of this issue it is not legal to offer or 
sell these bonds in the United States. 

BBZiOZAV OOTSBimEVT 6% OOBBOZiZDATBO ^OAV OF 1921 

Authorized — unlimited. Outstanding not yet available. Interest April 
and October 15. Dated October 16, 1921. Principal repayable at par by 
1971. All payments in Belgian francs in Belgium, without deduction for 
Belgian taxes, present or future with the exception of the 2% income 
tax now in force. Sinking Fund of .85% per annum of all bonds issued, 
plus interest on all bonds retired. Is calculated to pay off the loan within 

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BESLiOIUM 

60 years. Denominations coupon 100, 600» 1.000, 6.000 and 10,000 francs. 

The Goyemment contracts not to call any of these bonds within the 
first 10 years, retirement to be effected througrh purchases in the market, 
and that no conversion into any future loan will be made prior to 
October 15, 1931. Bonds of this issue are acceptable at the issue price, 
plus interest, in payment of subscriptions to any new loan which may 
be Issued in Belfirium up to October 16, 1926. 

Offered for public subscription in Belfirium in September and October, 
1931, at 99 and interest, and in the United States by A. Iselin & Co., of 
New York. 



BTM^TAW OOTBSVKSST EXTBBVA& 6-TBAB 6% MOTSB 1990-85 
AmszlMa Xssne 

Authorized and outstandingr 14,270,000. Interest January and July 1. 
Dated January 1, 1920. Due January 1, 1926. Principal and interest 
payable at New York in U. S. grold at J. P. Morgan & Co. and the Guaranty 
Trust Co., fiscal agrents, without deduction for any Belfirian taxes, present 
or future. Redeemable at the option of the Belgrian Qovemment at par 
and interest on any interest date. Denominations, coupon |1,000. 

These notes are direct external obligations of the Qovemment of 
Belgium. The notes were issued for the purchase of 76 locomotives 
from the Baldwin Locomotive Works, Philadelphia, and taken by them 
in payment for this equipment. 

Offered in October, 1921, by Guaranty Company of New York, the 
National City Company and Harris, Forbes & Co. at 96 and interest to 
yield about 7.80 per cent. 



City of Antwerp 



Antwerp (An vers) is the chief commercial centre of Belgium, situated 
on both sides of the River Scheldt, near its mouth. The port is of 
modem and substantial construction, granite quays flanking the river for 
nearly four miles. Its commercial importance dates from 186S; since 
that time its growth has been very rapid. Population. 822,857. 

During the period 1914-1918 the trade of Antwerp was practically 
suspended, but the shipping in and out at the port is now almost back 
to its pre-war volume, as the subjoined table indicates^ 

Ships Tonnage 

1921 8,520 18,322.670 

1920 7,698 10.852,841 

1919 4,820 6.245.048 

1918 7,056 14,146.819 

JJTSWBmP 2H% PBSMXUX IkOAV OF 1887 

Issued Fes. 188,440.000. Interest payable annually on January 2. 
Repayable at 110 within 90 years by four drawings annually for pay- 
ment July 1. Prescription 80 years for bonds and five years for coupons. 
Denomination coupon "Fca. 100. 

Issued at 96.60 in conversion of 3% Premium Loan of 1859, 1867. 1874 
and 1882. 

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KIMBBR'S RECORD OP GOVERNMENT DEBTS 



8% FmBimrx aoav or i903 

Issued Fes. 100.000,000. Interest payable annually on June 1. Repay- 
able by four drawings annually for payment May 1. Bonds not drawn at 
a premium are repaid at 110. Denomination coupon Fes. 100. 

Issued at 92.60 in April, 190>. 



BBF S% IkOJJT or 1917 

Issued Fes. 75.000.000. Interest June 1 and December 1. Repayable 
at par by 1962. Denominations coupon Fes. 600. 

AJrrWBBP S% &OAV or 1919 

Issued Fes. 200.000.000. Interest January 1 and July 1. Repayable 
In 40 years after 1926. Denominations coupon Fes. 600. 

AJVTWBBT 5% TmBASUBT BOITDB Or 1990 

Issued Fes. 75.000.000. Interest payable annually on January 3. subject 
to a 2% tax. Denomination coupon Fes. 1.000. Issued at 94. 

City of Brussels 

Brussels (Bruxelles) is the capital and largest city of the Kingdom 
of Belgrium. It is connected by canal with the River Scheldt and has a 
harbour accessible to vessels of light draft. Population. 686,268. 

Budgets of ordinary revenues and expenditures for recent years have 
been as follows (in francs): 

Ordinary Ordinary 

Revenues Expenditures 

1922 99,410.167 184.747,776 

1921 76.494.102 182,794.786 

1920 68.992,296 116,021.617 

The deficits are met from drawings from the extraordinary budgets. 

BBVB8BZA 9H% I«OAV Or 1902 

Issued 76.000.000 francs. Interest payable annually. August 1. Re- 
payment with 90 years at 110 by drawings in March, June, September 
and December. Denominations: 100 francs. 

Offered for public subscription in June, 1902. at 105.50 per 100 frano 
l>ond. 

BBirSSBI^B 9% £OAV Or 1905 

Issued 422.600,000 francs. Interest payable annually on July 1. Re> 
payable at 100 by 1997 through six drawings annually in January, March, 
May, July, September and November. Issued in February, 1906, by 
publish subscription at par for conversion of the 2^% Loan of 1886 
and other purposes. Denominations: 100 francs. 

BBVaSB^B 4H% JmOAM OV 1918 

Issued and outstanding 50.000.000 francs. Interest January and July 
1. Repayable within 46 years from 1928 by annual drawings in May 
for payment July 1st Drawings begin 1928. 

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BELGIUM 

BBV88BUI 5% TMBAMUMT MOTBB OT IMO (nnTDZVO ZiOAV) 

Issued and outstandinsr 100»000,000 frs. Dated August 1, 1920. Due 
August 1, 1980. Interest annually on August 1. Principal and. interest 
ftee of all Belgian taxation, any Belgian Qovemment taxes to be paid 
toy the City. Optional redemption at par at any time after August 1. 
1926. on 8 months' notice. Denominations 600 fra Issued in August, 
1920, at 96% or 476 frs. for each 600 fr. note for the purpose of funding 
floating debt. 



Belgian Corporation Bonds — ^American Issue 

SO&TA.T ft on 8% nOUBSB BOJmS BVB 1927 

Issued and outstanding flO.OOO.OOO. Dated October 1. 1920. Due Octo- 
ber 1, 1927. Interest April and October 1. Principal and interest payable 
in U. S. gold coin at the National City Bank of New York, trustee, with- 
out deduction for any present or future taxes imposed by the Belgium 
Government or any taxing authority therein. Payable also without de- 
duction for any normal federal income tax (U. S.) not to exceed two per 
cent. Redeemable at the option of the company as a whole or in part 
, on any interest date after October 1, 1923, on 80 days notice at a premium 
* of one per cent for each year or portion of year between the date of 
redemption and maturity. 

A direct obligation of the company and secured by pledge of stocks 
of American Companies, the Solvay Process Company Common Stock 
98,828 shares, Semet-Solvay Common Stock, 20,707 shares. On consollda^ 
tion of these two companies into the Allied Chemical & Dye Corporation, 
these shares were to be exchanged for 861,594 shares of the consolidated 
corporation. Solvay & Cie agree that none of the foregoing collateral 
can be withdrawn while any of these bonds are outstanding, and that they 
will pledge additional collateral, if, as and when necessary, to the end 
that at all times the market value of the aggregate collateral shall be 
not less than 150% of the outstanding amount of this issue. 

Offered in October, 1920, at par and interest by Guaranty Company, 
National City Company, Kidder, Peabody & Company and Harris, Forbes 
ft Cbmpany, all of New York. 
Motet 

Solvay & Cie (a Belgian trading association founded in 1868) through 
its ownership of stocks of American and English companies operating 
under the Solvay Process, and through direct ownership of plants in 
Belgium, France, Spain and Italy, is the largest manufacturer in the world 
of soda ash (carbonate of soda) and its derivatives. Solvay & Cie also 
has very extensive interests in the by-produce coke-industry of America 
and Europe. The net assets of Solvay & Cie (after deducting a" other 
liabilities) figured with no consideration for intangible items such as 
good will, exceed 170.000,000, or over 7 times the amount of this issue. 
The net income of the issuing company for the four calendar years, 1916- 
1919. averaged about 4 times the Interest charges on this issue. 

The annual report of the Allied Chemical and Dye Corporation for the • 
year ended December 31, 1921, showed gross income of 113,098,889 after 
depreciation, taxes, repairs and renewals, against 129.768.761 in 1920. 
Net, after Federal taxes. Inventory adjustment and loss on sales of 

108 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

securities amounted to 17,646,439. equivalent to |2.28 a share earned on 
the 2,169,439 shares of capital stock compared with 116,179.989. or at the 
rate of 16.33 a share in the previous year. 

The balance sheet gave evidence of improvement in the company's 
condition. Cash on hand as of December 81, 1921, amounted to 111,931.284 
against 119,942.819; holdings of securities. 18.075.089 against $2,699,531; 
receivables, $21,270,632 against $27,392,762, and inventories, $33,434,653 
as compared with $45,602,875 at the end of 1920. Notes payable, which 
stood at $11,100,000 on December 31, 1920, were entirely liquidated during 
the year and accounts payable were reduced to $5,191,920 as compared 
with $10,027,410 a year ago. Reserves totaled $77,463,948. contrasted with 
$72,945,023. and surplus totaled $122,669,080 against $126,869,006 at the 
end of 1920. 



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BOLIVIA 



AmUL AJffB TOVVJJLTIOm 

Bolivia has an area of approximately 615,000 square miles, equal to 
about two-thirds of the United States east of the Mississippi River. The 
great^ part of this area is remarkably fertile. 

Population was officially estimated in 1918 at 2,820.119. Whites are 
estimated to be 14.64 per cent, of the total, mixed 25.45 per cent., the 
remainder chiefly Indian. Foreign^ population is small, but growing. The 
Indian population assures to Bolivia an ample supply of low-priced labor 
for the mines and agricultural estates. 



Bolivia is a centralized republic, like Chile and Peru, not a federation 
of States like Argentina and Brazil. The present constitution was adopted 
in 1880. The titular capital of the country is Sucre, but La Paz is the 
actual seat of government, only the Supreme Court sitting at Sucre. For 
purposes of local administration Bolivia is divided into eight Depart- 
ments, each comprising a number of Provinces, €6 in all. At the head of 
the Government of each Department is a Prefect; the Provinces are 
administered by sub-prefects; all of these officials are appointed for terms 
of four years by the Central Government. 

There are two chief political parties in Bolivia, the Liberal and the 
Republican. A third party, the Radical, is numerically small and of little 
Importance. 



Tke mining industry is the basis of Bolivia's economic life; from 80 
to 90 per cent, of the country's exports are mineral products. The min- 
eralized part of Bolivia is the mountainous region; the most highly worked 
area is in the Department of Potsoi. 

Bolivia has the richest veins of tin, silver, antimony, tungsten and 
bismuth 80 far discovered, and is a large producer also of copper and 
lead. Exports of these minerals in 1918 are shown in the subjoined table, 
the figures being the latest available that are complete as to quantity 
and value. 

Quantity Value 

Kilos Bolivianos 

Tin. concentrates and bars 48,801,000 129,611,140 

Silver, ores 12.920.414 7,491,421 

Copper, ores and concentrates 26,000,381 7,746,343 

Lead, ores 4,606,851 1,808,041 

Antimony 6,886,068 4,155,822 

Tungsten 8.418,816 10,691,429 

Bismuth 590,072 4,403,327 

(Conversions into U. S. Currency may be made for 1918 at about 2^ 
bolivianos to the dollar. Kilogramme is 2.204 pounds.) 

The principal mining concerns operating in Bolivia are the following: 
Campania Estanlfera de Llallagua (Chilean) capital £425,000, owns 
the richest tin mines in the world. Dividends for 1916, 45%; 1917, 
100%; 1918. 476%; 1919, 100%. ToUl dividends from 1906 to 1919 
inolustve were more than 1,100 per cent, on capital stock. 



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KIMBBR'S RECORD OF GOVERNMENT DEBTS 

Sociedad Empresa de Bstano de Arcaca (Chilean), paid 35% In 1919. 

Aramayo-Prancke Mines. Ltd. (British) capital £600.000. paid Z0% 
In 1917. 

Ousrerenhelm Mininfir Co. (American) six tin mines under develop- 
ment 

Coroooro United Copper Mines. Ltd. (Anfirlo-French) capital £700.000, 
paid 25% in 1918. 

CSampania Minera de Orura (Chilean) capital 4.000.000 bolivianos, 
paid 17% in 1920. 

Sociedad Estanlfera Totoral Consolidada (Chilean) capital 2,860,000 
C^iilean pesos. Had profits in 1919 of 497.000 pesos. 

Cerro de Potosi Silver Mines, operated chiefly by the Royal Silver 
Mines of Potosi. Bolivia, Ltd. (British) and two private French con- 
cerns. Louis Soux and the Bebin Freres. The latter employ about 
1,000 and 400 people respectively. 

International Mining Co. (American) operating tin and tun^rsten 
mines. 

La Salvadora tin mines of Senor Patino. a Bolivian. In 1918 
shipped tin valued at over 28.000.000 bolivianos. 

Other larfire concerns are the Compania Porvenir de Li pes (Chilean), 
the Sociedad Anonima Huayna Potosi y Milluni (French) and the 
Andes Tin Corporation (American). 

The petroleum industry in Bolivia has attracted serious attention since 
1916. The first interests in the field were Cihilean, the largest being the 
Compania, Petrolifera C^upolican y Calacoto, capital £600,000. Others are 
Richmond Levering & Co. (American), the William Braden interests 
(American), the Bolivia Railway and Pearson Interests (British), the 
Anglo-South American Oilfields, Ltd. (British), and the Standard Oil Com- 
pany (American). The operations of these various groups are going 
forward on the most extensive scale. No production or other exact figures 
are available as yet. but some of the deposits are said to be among the 
richest in the world. 



Foreign investment in Bolivia has not been large. Great Britain. 
France. Chile and the United States have placed an aggregate of approxi- 
mately 1100,000.000 in the country, but this investment is rapidly growing. 
The attitude of the Government And of the people is highly favorable 
to the introduction of foreign capital for the development of Bolivia's 
immense natural resources, and public opinion is especially friendly to 
American enterprise. Concessions for important undertakings are gen- 
erally secured through the National Congress, though large authority Is 
also vested in the President, the Minister of Public Works and the Prefect 
of the Department in which the industry is to be located. It may be 
added that in such matters Bolivian oflAcials Insist upon adequate recogni- 
tion of the public interest. 



BO&ZYZAH BJkXZiWATS 

Bolivia has no coast line, being an interior country, and the greatest 
handicap upon its economic development has been inadequate transporta- 
tion. Many of the richest mineral sections have never been worked be- 
cause of their distance from railroads or other transportation. 

The railroads operating in Bolivia as of December 81, 1921, were as 
follows: 



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BOIilVIA 

INDBPBNDESNT 

Miles 

Antofagasta ft BoliYia Railway S25 

BoUvia Railway 427 

Cia. Huanchaca de Bolivia 24 

Bmpreaa Lus y Fuersa Blectrioa Cocbabaxnba 48 

Ferrocarril de Arica a la Pas (Bolivian section) . . 146 

Peruvian Corporation (Ltd.) 61 

Simon I. Patino: Machacamarca-Uncia 88 

aOVERNMBNT OW^ED 

C6rocoro branch of Arica-LA Pas Railway 6 

Derrocarril Potosi-Sucre 81 

Ferrocarril Potosi-Sucre 81 

UNDER CrONSTRUCTION OR PROJECTED 

La Quiaca-Tupisa €2 

Potosi-Sucre 80 

La Pas-Yunsras (estimated) 62 

Atocha-Tupisa 65 

A number of important railroads are now under construction. The first 
is the line from La Pas to Coripata, which is about half completed. This 
is the so-called Yungas Provinces Road, which was financed in part by 
the issue in the United States of the 6 per cent, gold loan of 1917. This 
Is an electrically operated line, owned by the Oovernment, and the bonds 
In question have a first mortgage and prior lien on the road and its earn- 
ings, together with certain other security. 

Another important line is the road from Atocba» Bolivia, to La Quiaca, 
Argentina, the contract for the construction of which was obtained by 
the Ulen Construction Company of New York. This line occupies an im- 
portant strategic position, forming as it does a link between the Bolivian 
railways and the State-owned railway system of Argentina. Upon the 
completion of this link a second through transcontinental line in South 
America will be put in operation. The new line has some advantages over 
the existing line from Valparaiso to Buenos Aires in that the Bolivian 
line can be operated throughout the entire year, while the present trans- 
Andean road is closed during the winter for weeks at a time by heavy 
snow falls. 

The contract of the Ulen Construction Comi>any calls for completion 
of the new road within five years from January 1, 1922. including equip- 
ment, telephone system, etc. The cost of this road is expected to approxi- 
mate 110,000,000. and the Ulen Company has taken from the Bolivian 
€k>vemment $7,000,000 in 20-year 8 per cent, serial bonds, the proceeds 
from the sale of which will be used to finance in part the new construction. 
Another project is the Government line from Potosi to Sucre. Track 
has been laid for 60 kilometers and grading done for 20 to 80 kilometers 
beyond. The Bolivian Congress has authorized the President to make a 
contract for the completion of this road, and to issue bonds to the amount 
of 16,000,000 to finance the same (March 1, 1922). 



Monetary Unit. Boliviano = 10.8898 U. S. 

Bolivia is on a gold standard, but no Bolivian gold coin has yet been 
minted. Silver and nickle coin are minted, and there are paper notes of 
1, 6. 10, 20, 60 and 100 Bolivianos. English and Peruvian gold coins ars 



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KIMBER'S RECORD OP GOVERNMENT DEBT? 

also in circulation. The only bank of emission is the Banco de la Nacion. 
which is required to maintain a grold reserve of 40 per cent, of its notes 
outstandiner. 







(In 


U. S. dollars) 




Per 




Total 


Imports 


Per Cent 


Total 


Exports 


Cent. 


Year 


Imports 


from U. S. 


from U. S. 


Exports 


to U. S. 1 


toU. a 


1920.. 


23.000,000 


4.673,000» 




54,000,000 


19,285.000* 




1919. . 


24,123.000 


4,771.000» 
4.411,000» 




56,129,000 
71,219.000 






1918.. 


13.601.092 




29,637,000 


41.6 


1917.. 


13.035,000 


4,348.000* 




69,070,000 


20.694,000 


35.6 


1916. . 


12.1^8,804 
8,789,000 


1,888,261* 
1,856,000 




39,579,072 
37.067,000 






1915,. 


21.1 


9.740.000 


26.3 


1914.. 


16,507,000 


1,808,332 


11.7 


25,6^2,000 


966,600 


8.7 


1918.. 


21.858,000 


1,900,000 


8.9 


38,661.000 


218.000 


.6 


1912.. 


19.671.000 


1.826.000 


9.3 


36,809,000 


156.000 


.4 


1911.. 


28,067,000 


3,897.000 


16.9 


32,689.000 


277,000 


.8 


1910.. 


24,889,000 


704.000 


2.8 


38,667.000 




■ • • 



*Fifirures of the Department of Commerce, U. S. /. 

The flfiTures given above (except as noted) are as reported in the annua) 
Comercio Especial of Boliva. Values of imports are based on the official 
valuation tariff of December. 1906, amended February. 1911. These figures, 
therefore, only approximate actual values. 

Export figures are based on current market values, governed principally 
by quotations in London. 

The figures given for exports to the United States cannot be checked 
against figures given by the U. S. Department of Cemmerce as Imports 
into the United States from Bolivia. As Bolivia is an inland country, the 
bulk of her shipments are invoiced at the seaboard ports of Chile, Peru 
and Argentina, and are shown on these invoices as shipped from the 
countries named instead of Bolivia. The import entries filed in the 
United States therefore give Chile, Peru and Argentina as the countries 
of shipment instead of Bolivia, thus causing the difference between the 
figures published by the Bolivian Government and those issued by the 
U. S. Department of Commerce. 



ooTBmvmvT mMYMwum 

(Bolivianorr 10.8898 U. S.) 

Year ended Revenue Expenditure 

Dec 81 Bolivianos Bolivianos 

1921 46.887,000 46,887,000 

1920 63,511,000 68,611,000 

1919 88,400.000 88,400,000 

1916 14.590,000 22,673,000 

1916 16,985,800 21,464,000 

1914 23,000,000 28,000,000 

1913 22,019,000 22,222,000 

1912 20,166,000 16,234,000- 

The above are budget estimates. Complete figures on actual revenue 
and expenditure not available. 



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BOLIVIA 



The buderet of expenditures for 1921 is iriven below In comparison with 
the corresponding' budget figures for 1920. 

(in bolivianos— 10.3893 U. S.) 

1921 1920 

Legislative 630,631 751,920 

Foreign relations 1,145,660 1,121,138 

Worship 103,780 116,740 

Government (Interior) 5.066,207 5,328,343 

Justice 1,975,860 2,229,012 

Treasury 26,654,584 23,641,358 

Public instruction 3.220,381 4,645,686 

Agriculture 30,000 453,440 

Public works 882,779 3,044,080 

Industry 146,800 185,900 

Militia 7,501,277 11,316,444 

Colonization 529.784 782,081 

Total 46.887.588 53,511,092 

The Bolivian Government's chief sources of revenue are export taxes. 
Import duties, taxes on corporation profits, monopolies of alcohol and 
tobacco, and a number of direct and Indirect taxes and Imports. Normally 
the export taxes produce about one-third of the total. The yield of these 
various sources of revenues Is very^ uneven from year to year, at times 
falling short of the budget estimates and at other times (as In 1918) 
belner almost double the budget figures. On the whole the Government has 
had ample revenues to meet all Its current expenditures, and its finances 
are in sound condition. 

MATXOMA& PUB&XO BBBT 

The public debt of Bolivia as of September 30, 1921 (latest official 
figrures) is shown below in comparison with the figures of June 30. 1919, 
the last previous report. 

(in bolivianos) 

Sept. 30, 1921 June 30, 1919 

BStemal Debt 9,749,468 38,983.777 

Internal Funded 33.721,222 19,456.165 

Internal Floating 33,721.222 10.477,472 

Total 68.616,503 68,867.414 

Bolivia has no dead weight debt. All its external loans have been 
contracted for railways and other productive undertakings from which 
the Government derives large revenues and most of the external loans 
have been paid off In full before they were due. 

The operations by which Bolivia converted the larger part of her 
external debt Into Internal loans Indicate the remarkable growth In 
financial strensrth which the country has enjoyed. During the latter part 
of 1920 the Government made provision for the liquidation of Its French 
debt This was represented by two loans of 1910 and 1918, the orlgrlnal 
total of which amounted to 56.119.892 francs. At the time of liquidation 
the Bolivian Government had a credit with the Credit Moblller in France 
of 12,382.241 francs, which together with accrued interest offset the 
amounts of the loans plus interest ao that the balance was 43.500.000 
francs. The Bolivian Government had practically oondnded arrange- 

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KIMBBR'8 RBiCORD OF GOVERNMENT DEBTS 

ments for a loan throufirh a New York bankingr house for 110.000.000, the 
proceeds of which were to be iised to refund the French loan and to 
finance certain railway projects. The Qovemment, therefore, called the 
French bonds for payment on October 26, 1920. The negrotiations for the 
loan in New York, however, fell through, and the funds to pay the French 
bonds were obtained through an internal loan of 11,600.000 bolivianos 
which was placed through the three principal banks of the country, the 
Banco de la Nacion, the Banco Nacional, and the Banco MercantiL 

QOTEMMWOiWFB naTATfOTATt BBOOBD 

The financial record of Bolivia is among the highest The Republic has 
carried on its development work slowly and carefully, and has always 
met its foreign obligations punctually and in full. Even in times of great 
financial stringency, such as prevailed during the early part of the 
European War, the foreign debts of the nation were promptly paid, though 
it required severe curtailment of internal expenditures to do this. The 
friendly attitude of the Government and people toward foreign capital Is 
described under National Wealth. 

OOTBSVKSST BOVB ZmniSB ZV BBTAZ& 

BO&ZYZAH Qoyrr 6% BTsmuiro &oav or i909 

Issued £600,000. Outstanding £300,000. Interest January and July 1. 
Repayable through sinking fund of 2% per annum, operating by drawings 
or purchase. All payments in sterling at Morgan, Grenfell & Co., Liondon. 
or at J. P. Morgan & Co.. New York, at current rates on London. Author- 
ised by Law of November 28, 1908. 

BO^rVZAV OOTT 6% OOZJ> ZiOAV OV 1917 
▲merioan Zssne 

Issued 12,400,000, outstanding |2,216.600. Dated April 1, 1917. Due 
October 1, 1940. Denomination |600 and $1,000, coupon, registerable as 
to principal. Interest payable April and October 1. Principal and in- 
terest payable in United States gold at the Equitable Trust Company, 
New York, Trustee. Exempt from all present and future taxes and duties 
of Bolivia. Semi-annual deposits of 196.000 each to be made for pay- 
ment of interest, and the balance for redemption by lot of the bonds at 
par. The proceeds of this loan were to be used exclusively for construc- 
tion and equipment of electric railroad from City of La Pas to Yungas 
Provinces, and all materials and supplies bought for the same outside of 
Bolivia were purchased in the United States from the proceeds of this 
loan. This issue constitutes a direct liability and obligation of the 
Government of the Republic of Bolivia and is further secured by: 

(a) A first mortgage and prior lien on the electric railway line from 
La Paz to Corlpata. the construction of which was authorized by the law 
of November 17, 1914. The Government had expended approximately 
1600,000 on this line prior to the issue of these bonds. 

(b) A first Hen and charge upon the general revenues of the Depart- 
ment of La Paz, and upon the reimbursements of the additional tax col- 
lected upon cocoa leaves. 

(c) A first mortgage and prior lien on the railway line between the 
Tarejra Station on the Orica-La Paz Railway and the City of Corocoro. 

(d) A first lien and charge upon the revenues of the Republic derived 
from railway concessions now in force in the Republla 



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BOLITIA 

(e) X first lien and ohar^e upon the 'revenues from the tax on foreign 
merchandise imported into the Department of La, Pas, provided for In said 
law of October 9, 1916. 

(f) A subsidiary Hen and charge on the general revenues of the Re- 
public, subject only to such other liens as may exist at the time of the 
issuance of the bonds herein referred to. 

Offered in 1917 by Chandler & Co. of New York and Philadelphia, and 
by Counselman & CO.. Chicago, at 97% and interest to yield about 6% 
per cent. 

BOUCVXAV GOV'T 6% SXTEMXAL BEBZAZi BOITDB OF 1980 
Ainsrican Xssne 

Issued 12,253,000. Outstanding |2,030,000. Dated June 1. 1920. Due 
semi-annually December 1, 1921 to 1984. Interest June and December 1. 
Principal and Interest payable in U. S. gold at New York Trust Company. 
New York City, free from all Bolivian taxes, present or future. Re- 
deemable as a whole or in part at par prior to maturity at option of 
Bolivian Government on. 6 months' notice. Denominations, coupon |1,000. 
Specifically secured by pledge of fifteen different customs duties and 
internal revenues, the annual yield of which is stated to be double the 
annual requirement for payment of interest and instalments of principal 
of this loan. 

Purpose of issue was the construction of sanitation work in the Cities 
of La Paz and Cochabamba. Offered October. 1921. by Hemphill, Noyes 
and Co., New York, and others, at prices to yield 8.50%. 

BO&ZYZAH OOVSBXMENT nTTSBVA^ BBBT 

Old 3% Internal Debt, outstanding 1,572.750 Bolivianos, Sinking Fund 
of one per cent, annually. 

Acre & Pacific 8% Bonds of December, 1909, and January, 1911. Out- 
standing 2,083,300 Bolivianos. Sinking fund 2% annually. Known as 
Acre and Pacific Military Loan (Compensacion MilHai Acre Y Pacifico). 

Acre Indemnity 8% Bonds of 1911. Outstanding 267,900 Bolivianos. 
Sinking fund 3% annually. Issued in May 1911. 

Government 8% Bonds of 1914. Outstanding 9.394.500 Bolivianos. 
Sinking fund 1% annually. Issued in January, 1914. 

BO&XVXA. BJkXZiWA7 OOi 1st OOZA 5b, 1907-1987 
Onanuitssd by ths Government of Bolivia 

Authorized and outstanding £3.750,000 (118,225.000). Dated January 1, 
1907. Due January 1, 1927. Interest January and July 1 at London in 
sterling, at New York (Guaranty Trust Company) at 14.86 to the £, and 
in Paris, Berlin, Frankfort, Amsterdam, Lausanne and Geneva. Coupon 
bonds of £20, £100 and £200, registerable as to principal at Central Union 
Trust Company, New York, Trustee. 

An obligation of the Bolivia Railway Company, a Connecticut corpora- 
tion, and secured by first mortgage on entire property of the Company in 
Bolivia, now owned or hereafter acquired. 

Guaranteed as to interest only by the Government of Bolivia, by 
endorsement on each bond. The Government holds a £2,600,000 second 
mortgage on the property. Guaranteed also as to interest only by the 
Antofagasta Railway Company (Chile) which owns one-half the bonds 
outstanding. 

Listed, as to £1.168,200 bonds of £20 denomination only, on the New 
York Stock Exchange. 

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External and Internal 
Government Bonds 



Sterling and franc bonds of the 
Brazilian Government, Brazilian 
States and Municipalities are 
actively dealt in ^ough our 
Foreign Department, which is in 
direct, constant cable communica- 
tion with our correspondents in 
London, Paris, Brussels, Amster- 
dam, Antwerp and other foreign 
markets. 



ESTABLISHED 1880 



MEMBERS NEW YORK STOCK EXCHANGE 



BOSTON 
82 Devonihire Street 



NEW YORK 
25 Broad Street 



CHICAGO 

209 So. La Salle St. 



ALBANY 
DETROIT 
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HARTFORD 



HOUGHTON 
MILWAUKEE 
MINNEAPOLIS 
PHILADELPHIA 



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BRAZIL 



S.280.90S square miles (1920). 

FUFUJoATZOV 

Census of 1920, 80,668,509. Census of 1910, 21,116,000. Census of 
1900, 17,871,069. Accordingr to figures of the Department of Statistics, 
1,015,888 Immierrants entered Brasil durlngr the IS years ended December 
81, 1919. Of this number 886.686 were Portuguese, 212,788 Spanish, 65,709 
Italians, 50,682 Russians, 28,298 Japanese and 24,246 Germans. 

The population of Brasil is for the most part of Portuguese descent, 
and Portuguese is the official and popular language of the Republic. 
The aboriginal peoples of the country have left little Influence upon the 
Ehiropean settlers, so that they are to be found only in the Immense 
Interior, where what few are still left lead a primitive life. Altogether 
the number of these Indians is probably not more than 500,000. A con- 
siderable increase in the population was due to the Importation of Africans, 
in the early history of Brasil, to form thj9 basis of a working population, 
and an intermixture of their blood is noticeable in the northern areas. 
In the southern States, where immigration has been highly encouraged, 
there ar^ probably 400,000 Qermans. In the central States, Sao Paulo, 
Rio de Janeiro and Minas Oeraes especially, Italians have come in. the 
number being placed at about 1,600,000. Of Spanish settlers there have 
been perhaps 400,000. 

mtw x BM, OF QowmmmwoMT 

Under the constitution adopted February 24, 1891, the Brasilian Re- 
public is a federation of independent States. The Government is divided 
into legislative, executive and judicial branches. The legislative power 
is vested in the National Congress, which consists of the Senate and the 
Chamber of Deputies. The Senate has 68 members, 8 for each State and 
8 for the Federal District, elected by direct vote for a term of nine years, 
but is renewed by thirds every three years. The Chamber of Deputies 
has its members elected for a term of three years in the same manner 
as the senators and in the proportion of 1 for every 70.000 Inhabitants. 
No State, however, is represented by fewer than 4 deputies. Congress 
meets regularly every year on May 8 for four months, but may be pro- 
rogued or called in extra session by the President. All male citizens 
over 21 years of age are entitled to vote. 

The executive power is vested in a President. The President and 
Vice-President are elected for a term of four years by direct vote, 
and may not be re-elected for the term immediately following their 
own. Should the President die before serving half of his term, a new 
election is held, but should his death occur after two years of service, 
the office is assumed by the Vice-President. The present chief executive 
is Dr. Epitado Pessoa, whose term will expire November 15, 1922. 

The States of Brazil are autonomous, and may contract foreign debt 
without i>ermisslon or authority from the Federal Government. 

VASIO VAA WBJJbTB 

The national wealth of Brazil is usually given as 115.000.000.000. Cer- 
tain it Is that the Republic has within its vast area partly developed and 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

undeveloped wealth of every description. It contains forest-covered 
valleys watered by the greatest chain of rivers in the world, the Amaaon 
and its tributaries; vast stretches of tableland, healthful to live in and 
hlffhly productive; mountain ranges, rich with minerals; and fine cities 
and harbors. 

There are within the Republic about 27,000 miles of navigable rivers 
and more than 16,000 miles of railway, affording access to great areas 
producing cacao, rubber, sugar, coffee, and other agricultural products. 
The Amazon drains a wider area than the Mississippi, Missouri, Danube 
and Nile taken together, and taps the world's greatest forest area. Within 
or bounding the Republic there are numerous other navigable and im- 
portant streams; of the 55 largest rivers In the world 88 are wholly or 
largely in Brazil. 

Brazil is primarily an agricultural country producing a great variety 
of crops. Certain Brazilian States are especially well-suited for cattle 
raising, and this industry is rapidly growing. 

The mineral wealth of Brazil is enormous, its iron deposits being said 
to be the greatest in the world, but this mineral wealth is largely un- 
developed. The reason is that most of the mineral deposits are far from 
the coast and from industrial centers, and they are also a great distance 
from supplies of fuel. The coal found in Brazil is of inferior quality 
and a long way from the iron deposits. Forests abound in Brazil, but 
the mineral district is poor in timber, and where timber exists it is in 
deep valleys from which transportation is expensive. Considerable Ehiro- 
pean capital has been invested in preliminary development work In the 
iron properties and there are some smelting works in the State of Mlnas 
Geraes, but production is as yet very smalL It would appear that con- 
version of Brazilian minerals into commercial wealth is a problem of 
extreme difficulty. 

Manufacturing in Brazil is of comparatively little importance. The 
total number of factories is 8,681 representing a capital of 780,896,000 
milreis and employing, in 1921, 178,664 work people. Of these the most 
important are the cotton mills which employ 108.960 work people. 

FOBBZOM OAVXTA& TM BlfcAlTTi 

An authoritative estimate in May, 1921. placed the amount of British 
capital invested in Brazil at nearly £250,000,000, classified as follows: 

BRITISH CAPITAL IN BRAZIL 

In Brazilian Gov't Bonds £108.892.084 

In State Bonds 16,580,687 

In Municipal Bonds 14,811.900 

Railroad and Other Securities 114.849,087 



£247.688.668 

This does not Include capital invested in British banks, insurance, 
shipping or telegraph companies operating in Brazil. Converting the 
above total at par of exchange, British investment in Brazil is apparently 
about 11.205.000.000. Investment by France is about 1500,000,000, Belgium 
1150,000,000, United States 1200,000,000. Considerable amounts have been 
invested by Germany, Portugal, Canada and Italy, but no accurate esti- 
mate is available. Some of the British and French investment has been 
transferred to the United States through importation of Brazilian aeeurl- 
ties from London and Paris. It is not possible to give exact figures, but 



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BRAZIL 

the total foreign capital invested In Brazil would seem to be well over 
12,000,000,000, which would require an annual export of at least 1100,000,000 
to meet interest and dividend payments. 

(See Foreign Commerce) 



Monetary Units— Milreis gold = 10.6462 XJ. S. 

Milreis paper =10.82444 U. S. 
Conto= 1,000 milreis 

Currency is grovemment paper (paper milreis). Actual value is subject 
to great fluctuation. 

From August, 1914 to October. 1918, Brazil issued over 1.000,000.000 
milreis in paper money, but there has been ho further inflation. Position 
of the currency at December 31, 1921. was as follows: 

Milreis 

Inconvertible Notes paper 1,789.026.000 

"Convertible" Notes gold 20,911,611 

(3old, Coin and Bar gold 79.362,320 

The gold milreis has a value of 10.6462 in United States money, or 
27d. sterling — ^the paper milreis was flxed at the same value in 1889 
(when the republic was established) but it fell steadily to 6% pence in 
1898, when specie payments were supended. The low rate of exchange 
naturally encouraged foreign purchases from Brazil and exports increased 
so that the situation gradually improved. 

The Brazilian milreis, however, has never since that time been on a 
sound basis, and its rate of exchange for foreign currencies is a perma- 
nent and serious problem. Violent fluctuations are frequent. The average 
rate of exchange for 1914 was 14d.; for 1916. 1916 and 1917. 12d.: for 
1918, 18d,; for 1919, 14d. 

Average rates of exchange for the milreis at New York were (in 
cents): 1920 — March, 26.6; April, 26.6; May, 26.8; June, 26.6; July, 22.9; 
August, 20.2; September, 17.8; October. 17.6; November, 16.6; December, 
16.2. 

1921 — January. 16.2; February, 16.4; March, 16.0; April, 18.8; May, 
18.5; June, 12.2; July, 10.7; August. 12.2 September. 12.8; October, 12.9; 
November, 12.9; December, 12.9. 



In 1898 the inconvertible paper in circulation amounted to 788,864,000 
milreis. The governmental crisis in that year forced a serious effort to 
improve the currency. This was reasonably successful and by 1906 the 
amount was reduced to 669.492.000 milreis. 

In 1906 the Office of Conversion (Caixa de Conversao) was established. 
This institution received gold (principally foreign coins) and issued in 
exchange at the fixed rate of 16d. per milreis its own notes, these being 
practically certificates of deposit. All imports of gold to meet govern- 
ment requirements had to be deposited in the Office of Conversion. For 
several years prior to the European War there was a steady increase in 
gold and Office of Conversion notes and decrease in the inconvertible paper 
In circulation; the totals in 1913 being 296,848,000 and 601.664,000 milreis 
respectively. 

For some years Brazil enjoyed a substantial net infiow of gold. In 
1912 this amounted to 117.600.000. In 1913 an unfavorable balance of 
trade required the exportation of about $24,000,000 gold. In 1914 the 



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KIMBER'S RECORD OF GOVERNMENT DBBT8 

E«aropean war created a very serious situation, and erold exported during 
the first seven months of the year amounted to 140,144,000. On August 
4, 1914, the Cabinet closed the Office of Conversion and prohibited the 
exportation of gold. In December, 1914, a new issue of paper currency 
was authorised (250,000 contos): and subsequent emissions of paper, 
most of them to meet budget deficits, brou^rht the total of i>i4>er in cir- 
culation up to 1,780,000,000 milreis as of December 81, 1920. At the 
same time the stock of erold in the Office of Conversion rapidly decreased. 
In July, 1918, it was stated to amount to about 180,000,000, and as of 
December 81, 1920, to be about 131,000,000. 

In April, 1918, the Government inaugrurated a new £rold policy, estab- 
lishin^r a Guarantee and Redemption Fund of cold as a basis for all its 
currency. This superseded the "Caixa de Conversao." By decree of April 
10th (Diario Official of April 80, 1918), the Minister of Finance was au- 
thorized to issue treasury notes up to the sum of 60,000 contos, corre- 
sponding to the value of the "Ckixa de Conversao" notes acquired by the 
Government in the market and deposited in the Banco do BrasiL As the 
treasury notes are issued the Government will bum those bought in the 
market, and deposit in the treasury, to the account of the Guarantee and 
Redemption Fund, the gold which guarantees the "Caixa" notes. The 
export of gold is prohibited (Dec. 81, 1921). 

roBszaH ooxMBmoB 

(In U. S. Currency) 





Total 


Imports 


Per cent. 


Total 


Exports Per cent. 


Tear 


Imports 


from U. S. 


from U. S. 


Exports 


to U. S. 


to U.S. 


1921.. 


See below 
818.660.000 




... 


262.887,000 


227.587.000 




1920.. 


156.740,000* 


• . . 


1918.. 


267.088.000 


92,888,000 


85.9 


297.694,000 


108.698.000 




1917.. 


216.608.000 


102.514.000 


47.8 


291.882.000 


188.928.000 




1916.. 


195,998.000 


76.908.000 


89.2 


267.081.000 


126.895.000 




1915.. 


146.425.000 


46.968.000 


82.1 


257.780.000 


107.776.000 




1914.. 


172.161.000 


80,202,000 


17.6 


225.810.000 


92.220.000 




1918.. 


826.866.000 


61.858,000 


15.7 


815.586.000 


102,700,000 




1912.. 


308.656.000 


48,174.000 


15.6 


868.280,000 


142.105,000 




1911.. 


256.771.000 


28,854,000 


11.2 


824.920.000 


115.781,000 




1910.. 


285.575,000 


80.254,000 


12.8 


810.006.000 


112.184,000 





•Figures of U. S. Dept of Commerce. 

Complete official figures for 1921 give value of total imports as 1.- 
689.869.000 milreis. and total exports 1.709.722.000 milreis. See below 
for comparative figures in milreis and sterling. 

The decline in Brazilian exports during the war. as compared with 
pre-war figures, is not a decline in the quantity exported, but in prices. 
While prices of exports in other South American countries were rising, 
the mean value per ton of Brazilian exports declined as follows: 1918. 
1230.86; 1914. 1173.99; 1915. 1144.34; 1916. 1148.86. It is officially stated 
that the volume of exports in 1919 was 88.02 per cent, greater than In 
1918, while the imports, which show an increase in value, were actually 
in volume 52.72 per cent, less in 1919 than in 1918. due to the great 
Increase in prices of foreign goods. 

Estimates of the actual value of Brazil's foreign commerce can be 
made only with grreat difficulty from the figures as usually presented, 
partly because of the uncertain value of the milreis (see Cfurrency) and 
partly because of lack of uniformity in methods of conversion into foreign 



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BRAZIL 

money. The subjoined table grives Brazilian official tigwreB for a series of 
years, bein^r custom house values in milreis and sterllner values estimated 
by Brazilian authorities as the actual equivalents. The table also shows 
the volume of trade as given in figures of quantity. 



Tear 

1921 (10 

1920 .... 

1919 

1918 .... 

1917 

1916 .... 



TOTAX. IMPORTS INTO BRAZIL. 

Value in 

Milreis 

months) . . 2.162,000 1.478.052.000 

2,090.688.000 

1,884.259,000 

989.404,000 

887,788,000 

810.759,000 



Annual Averages: 

1911-1915 

1906-1910 

1901-1905 



Metric Tons 

2.152,000 
, 2.876,000 
2.779.000 
1.788.000 
1.986.000 
2.642.000 

4,882,000 
8.864.000 
2,48«,000 



779.486.000 
608,647.000 
474,708,000 



Value in £ 
58.686,000 
125,005,000 
78.177.000 
52,817.000 
44,510,000 
40,869.000 

49.795,000 
88.847.000 
24.921,000 



Year 

1921 (10 

1920 

1919 .... 

1918 .... 

1917 

1916 



months) . . 



TOTAL. B3XPORTS FROM BRAZIL. 
Value in 
Metric Tons 
1,604.585 
2.101,000 
1.908.000 
1,772.000 
2.017.000 
1,871,000 



Milreis 
1.879.824,000 
1.752,411.000 
2,178,719,000 
1,137,100,000 
1,192.175.000 
1,136,888.000 



Annual Averages: 

1911-1915 1,416,000 980,694,000 

1906-1910 1.416.000 864,471.000 

1901-1905 1,288,000 760,244,000 



Value in £ 
48.027.000 
107.521.000 
180.085.000 
61.168,000 
63,081,000 
56,462.000 

61.538,000 
55.641,000 
89,603.000 



The significant figures are of course those in sterling, as it is the 
balance in foreign currency which Brazil can use to pay her foreign debts. 

The striking feature about the foreign trade of Brazil is the fluctuation 
in the trade balance, at times a heavy excess of exports, in other years a 
deflcit. As before stated. Brazil needs an annual average excess of exports 
over imports of about 1100,000,000 in order to create foreign credits suf- 
ficient to cover her payments to foreigners on account of their invest- 
ments in Brazil. The actual balances in recent years were: Excess of 
exports in 1916. 181.000.000; in 1917. 175.000.000; in 1918, $40,000,000; 
in 1919, $220,000,000. In 1920 the position was reversed, imports exceeding 
exports by $80,000,000. 

The first ten months of 1921 showed some improvement, the unfavor- 
able balance being about $25,000,000 for that period. 

The chief items in Brazil's export trade are coffee, sugar, cotton, rub- 
ber and chilled meat, in the order named. The accompanying table shows 
values of products exported during the five years 1916-1920 (latest for 
which detailed figures are available). 

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KIMBER'S RECORD OF QOVBRNMBNT DEBTS 

BRAZILIAN EXPORTS 

(In thousands of mllreis) 

1916 1917 1918 1919 1920 

Cotton 2,400 15,090 9,700 26,708 80.696 

Suflrar 25,966 72,922 100,611 67,680 105,826 

Rubber 152.289 144.080 78,727 105,586 58,850 

Cocoa 50,871 48.084 89,752 98.265 64.649 

Coffee ' 589,200 440.258 852.727 1,226.462 860.967 

Hides 87,779 78.796 75.019 100,997 64.691 

Tobacco 29.889 22,365 40,160 69,986 42,006 

Mate 88,075 88,971 39,750 52,512 50,569 

Skins 16.628 20.816 12.897 61,077 46.806 

Chilled meat 28.192 60,282 60.765 60.188 68,614 

All others 116.149 255.561 882,502 824.418 816.767 



Total 1,136,888 1.192,175 1,187.100 2,178.719 1,762,416 

The weak point in Brazil's trade position is her Rreat dependence on 
coffee. On the average the value of the coffee exported is one-half the 
value of the total exports, and as the price received fluctuates heavily 
from year to year the country's earnings from this item are controlled by 
the price more than by the quantity shipped. This is illustrated in the 
table of quantities and values of coffee exports, the values in sterling 
actually realized being given because the foreign money is what Brazil 
needs to sell her coffee for. 

BRAZILIAN COFFEE EXPORTS 

Quantity Value in Value in 

in bags mllreis sterling 

1920 11,624,000 860.957.000 £52.821.000 

1919 12.963,000 1,226.426,000 72,607,000 

1918 7.433,000 352.727,000 19.040.600 

1917 10.606,000 440,258,000 23,054,000 

1916 13,039,000 589.200,000 29,280,000 

On the other hand, a very favorable sign is the diversification in pro- 
duction that is taking place. While value of rubber exported has greatly 
declined, important increases are recorded in cotton, sugar, cocoa, tobacco, 
skins and chilled meat. The development of the chilled meat business is 
remarkable. The first shipment was made in 1914, the total value for the 
year being £68; in 1920 exports of chilled meat were valued at £4,064,858. 
The States chiefly concerned in this industry are Sao Paulo and Rio 
Grande do Sul. 

The growth in exports of raw cotton is also important; the value of 
that commodity shipped abroad increasing from the almost negligible 
figure of 2,400,000 mllreis in 1916 to 80.696.000 mllreis in 1920, and being 
third on the list for the latter year. Cotton is grown chiefly in the 
States of Pernambuco, Parahyba. Rio Grande do Norte, Sao Paulo and 
Ceara. The total annual production is estimated at over 600,000 bales 
of 500 lbs., but most of Brazil's cotton is consumed within the country. 
There are 242 cotton factories operating in Brazil, with 57.208 looms and 
1.621,800 spindles; the value of their product in 1920 was 448.000,000 
mllreis. 

A further development of diversified crops and other products should 
bring about permanent improvement in Brazil's trade position. 

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Trade between the United States and Braill showed a severe decline 
in 1921. Fisrures of the United States Department of Commerce are as 
follows: 

Brazilian exports to the United States in 1919, 1288,570,000; in 1980, 
1827.587,000; in 1921. 196,826.000. 

Brazilian imports from the United States in 1919, 1114.696,000; in 
1920. 1166.740,000; in 1921. 158,106.000. 



The Brazilian Government's chief sources of revenue are (a) customs 
duties on imports, (b) consumption taxes on liquors, tobacco, textiles, 
matches and other articles, (c) taxes on passengrer and freigrht trans- 
portation, and (d) taxes on incomes, dividends and commercial profits. 
The taxes (c) and (d) were new In 1920. Revenues are collected partly 
in srold values, partly In paper values; expenditures are reported in the 
same way. 

Brazil and its grovernment both suffered a heavy decrease in income 
duringr the war period, the expenditure of the government largrely ex- 
ceeding- its revenues. The deficit for 1916 was 202,490,000 milreis paper; 
for 1916. 156.905.000; for 1917, 286,188,000; for 1918. 11.920.000 milreis 
paper. These deficits were met by the issue of paper money (see under 
Currency). 

E^stimated revenues and expenditures for 1920 and 1921 were as 
follows: 

(in thousands of milreis) 

Total Revenue Total Expenditure 

Year Grold Paper Gk>ld Paper 

1921 102.005 624.761 75.680 711,640 

1920 118.742 488.416 72.872 600.878 

Reduced to the common denominator of paper values, calculating gold 
at a premium of 86% in 1920 and 125% in 1921, we arrive at the following: 

Total * Total 

Revenue Expenditure 

paper milreis paper milreis 

1921 864,282.000 881.920,000 

1920 698,850,000 784.766,000 

The budget law which was passed for 1922 was vetoed by the President, 
and the 1921 budget remains in force pending consideration of a new 
budget. Unofficial figures estimate a deficit in 1922 as high as 360,000.000 
milreis. 

BBJUOXZAJr FOB^XO DXBT 

The external debt of the Brazilian Government as of December 81, 1921, 

was the equivalent of $612,565,060 in United States money (converting 

francs and sterling at par of exchange). Details are as follows: 

BRAZILIAN EXTERNAL DEBT 

Payable in sterling £108,086,584 

Payable in French francs Pes. 822,249.500 

Payable in U. S. dollars 150.000.000 

The internal debt is pajrable in milreis paper, as shown below. There 

is no satisfactory basis for conversion of the figures of internal debt 

into United States dollars. 

(over) 

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KIMBBR'S RECORD OF QOVBRNMBNT DEBTS 

BRAZIL'S INTERNAL. DEBT, DECEMBER SI. 1920 

Paper milreis 

Apolices (bonds) unified 5% 528,876,100 

Apolices (bonds) old 6% 8.898.100 

Apolices (bonds) 4% 199,600 

Total of "the Public Debt" 682.887,600 

Bonds of various railways 8:uaranteed 886,811,000 

Baixada Fluminense (reclamation scheme in 

the Bay of Rio de Janeiro) 18,841,000 

Bolivian indemnity bonds 1,629,000 

Lloyd Brasileiro bonds 671,000 

Judicial sentences 1,844,000 

Arbitration sentences 1,068,000 

Subsidy to steamship companies 6,178,000 

Treasury obligations, short term 188.600,700 

Rio de Janeiro Port works bonds 17,800,000 

Expenses of various Ministries 18,167,000 

Total 1.118.486.800 

All of the internal bonds are at five per cent, except the old 4% 
Apolices. 

Most of Braxil's public debt, both internal and external, was incurred 
for the construction or purchaae of railroads, steamships, ports and other 
rorenue producingr enterprises. The external debt amounts to about |8# 
per capita, which is very low in comparison with other countries In a 
similar stage of development. 



In certain States of Brazil there is increasing production and con- 
siderable prosperity, these being the States of Sao Paulo, Rio Grande 
do Sul, Rio de Janeiro, and Pemambuco. In the other States, progress 
during 1921 was arrested. During that year Braxil passed through what 
was probably the greatest crisis in her economic history. The chief 
causes appear to be as follows: 
1 — ^Decline in foreign demand for Brazilian exportable products, and lower 

prices for the same. 
2 — Over-importation and speculation which began In 1919 and reached its 

height around April or May of 1920. 
8 — Over-exportation, largely on consignment in the expectation that the 

goods would be bought and paid for more quickly than they were. 
4 — ^Failure of Brazilian exporters to retain the trade of some new market 

acquired during the war. 
6 — Speculation in German marks and Italian lire. 
6 — Suspension for some years of the steady flow of investment capital 

from Europe that had been going into construction and development 

work in Brazil. 

Reports from Brazil generally agree that the severe depression which 
existed throughout 1921 took a turn for the better during the latter 
part of that year. Accumulated stocks of sugar and cotton were slowly 
reduced, though the sugar industry suffered from a severe break in prices. 
Exports of that commodity for the period January 1 to September 80 
were 66.999 tons in 1920 and 107.753 tons in 1921, an increase of almost 



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BRAZIL. 

100%, but the values recorded increased from 62,074,000 milreis to 
•8,098,000 milreis only. The value of the total exports declined from 
1,752,411,000 milreis for the year 1920 to 1,709,722,000 milreis for 1921, 
but the depreciated exchange value of the milreis in 1921 as compared 
with 1920 enabled the country to realize only about half the foreign 
credits in 1921 that she had in 1920. 

Gtovemment Bond Issues in Detail 

VTODZVO V&AVS 

In 1898 the Brazilian Government funded for three years — from July 1, 
1898, to June 80, 1901, both inclusive— the interest on all the loans noted 
here and certain amounts payable for railway guarantees, into a 5% 
funding loan (with interest payable in cash), and engagements were met 
on this basis, but from July 1, 1901, to July 81, 1914. payments were made 
in cash. The plan also involved the suspension of the sinking funds for 
thirteen years from July 1, 1898, but this period was anticipated to the 
extent of eighteen months, the sinking funds being resumed as from 
January 1, 1910. 

On August 1, 1914, default took place in the payment of interest then 
due, and engagements maturing in September and October also were 
not provided for. On October 19, 1914, a funding plan was published 
through Messrs. N. M. Rothschild ft Sons, under which the interest on all 
the under-mentioned loans, with the exception of the 6% funding bonds 
and the 6% bonds of 1903, together with four French loans for an aggre- 
gate of 800,000,000 francs, was to be funded, as it fell due, for three years, 
that is, from August 1, 1914. to July SI. 1917 (both inclusive) into a new 
6% funding loan for not exceeding £16,000,000, specially secured by a 
second charge upon the customs revenues; the interest on the 5% fund- 
ing bonds of 1898 and the 6% bonds of 1908 was paid in cash, but the 
sinking funds for all the loans (with the exception of the funding loan) 
and the four French loans were suspended for thirteen years from August 
1. 1914. 

Interest payments in cash were resumed Augrust, 1917. 

BMAMILXAM OO'TT 4H% &OAV OV 1883 

Issued, £4,599,600. Outstanding £2.718,100. Interest June and Decem- 
ber 1, at N. M. Rothschild St Sons. London. Issued in January, 1888, at 89. 
Redeemable in 38 years by a Sinking Fund of 1% per annum (com- 
menced 1st June, 1884), to be applied by half-yearly purchase when the 
price is under par. and when at or above par by drawings by lot in March 
and September 1, for payment in June and December 1. Bonds in coupon 
form of £1,000, £600 and £100. 

Sinking fund commenced to operate June 1. 1884, was suspended in 
July, 1898, and resumed in January, 1910. Under the plan brought for- 
ward in October, 1914, coupons due from December 1. 1914, to June 1, 
1917, both inclusive, were funded into the new funding loan of 1914, and 
the sinking fund is suspended for thirteen years from August 1, 1914. 

WmimTT.TiW OOTT 4H% T,OAm or 1888 

Issued, £6.297.300. Outstanding £4.173.100. Interest April and Octo- 
ber 1, at N. M. Rothschild & Sons, London. Issued at 97% In April. 
1888. Redeemable by a Sinking Fund of 1% per annum (commenced 1st 
October, 1889) to be applied by half-yearly purchase when under par. ot 



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BRAZIL 



INTERNAL LOANS 

EXTERNAL LOANS 

PROVINCIAL LOANS 

MUNICIPAL LOANS 



We specialize in all Foreign Securities 

and are prepared at all times to give 

quick and reliable service and 

close quotations 



INQUIRIES INVITED 



Abraham & Co^ 

Members of the New York Stock Exchange 

27 William Street 
New York 

Cable Address: Abraco TeL Rector 1 & 2 

Correspondents in all financial centers 



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KIMBBR'8 RECORD OF GOVERNMENT DEBTS 

by drawings at par in March and September. Bonds in coupon form of 
11.000. £500 and £100. 

Binklns fund commenced October 1, 1889, was suspended in July, 1808. 
and resumed in January, 1910. Under the plan brought forward in Oo* 
tober, 1914, coupons due from October 1. 1914, to April 1, 1917, both in* 
elusive, were funded into the new fundiner loan of 1914, and the sinking 
fund is suspended for thirteen years from August 1. 1914. 



BBASEUAV CKrrr 4% azTBmvAi. TbOam or isso 

Issued, £19,887,000. Outstanding £17,468,800. Interest April and Oc- 
tober 1, at N. M. Rothschild A Sons, London. Redeemable by a cumula- 
tive Sinking Fund of V&% per annum, commenced in 1890, to be applied 
by half-yearly purchase when under par, or by drawings at par in March 
and September. The government undertook not to increase the sinking 
fund before the end of 20 years. It is provided that if any part of the 
loan is not redeemed by October 1, 1945, It shall then be redeemed at 
par by the government. Bonds in coupon form of £1,000, £500 and £100. 
Sinking fund commenced in 1890, was suspended in July, 1898, and re- 
sumed in January, 1910. Under the plan brought forward in October, 
1914, coupons due from October 1, 1914, to April 1, 1917, both inclusive, 
were funded into the new funding loan of 1914, and the sinking fund is 
suspended for thirteen years from August 1, 1914. 

Issued at 90% in October, 1889, £16,057,600, against Bonds of the 
6% Ix>ans of 1865, 1871. 1876 and 1886 converted and £8.779,400 against 
cash subscriptions. 

BBJJOXiIAar OOTT 6% TbOAM or 1895 

Issued, £7.422.000. Outstanding £6,925,900. Interest February and 
August 1, at N. Bf. Rothschild & Sons, Liondon. Issued in July, 1895, at 
85%. Redeemable by a cumulative Sinking Fund of 1% per annum, com- 
menced in August, 1897, to be applied half-yearly by purchase when 
under par, or by drawings at par. The (Government has the right to re- 
deem the whole or any portion of the loan at any time on six months' 
notice. All payments in Liondon in pounds sterling; and in Paris, Am- 
sterdam, Brussels, and Hamburg at the exchange of the day. Bonds in 
coupon form of £1,000, £600 and £100. Sinking fund suspended in July, 
1898, and resumed January 1. 1910. Under the plan brought forward in 
October. 1914, coupons due from August 1. 1914. to February 1, 1917, both 
Inclusive were funded into the new funding loan of 1914 and the sink- 
ing fund is suspended for thirteen years from August 1. 1914. 

BBJJOXiiAar CKnrr 6% mmnra bovbs or issa 

Issued. £8,613.700. Outstanding. £7.944.640. Interest payable January. 
April, July and October (free of all Brazilian tajces), in London in pounds 
sterling, or in Paris. Amsterdam. Brussels, and Hamburg at the exchange 
of the day on London. Redeemable by a cumulative Sinking Fund of H % 
per annum (commenced in 1911). applied half-yearly by purchase of bonds 
when under par. or by drawings at or over par, in January and July, 
(jtovernment may pay off the loan at par at any time. All payments in 
London at N. M. Rothschild A Sons. Bonds in coupon form, of £1 000 
£600, £100 and £20. 

Interest on this loan has been regularly met, and the issue is not af- 
fected by the funding plan of 1914. Sinking fund of this issue was not 
suspended by the Funding Plan of 1914. 

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KIMBBR'8 RBCORD OF GOVERNMENT DBBTS 

Created for the purpose of fundin^r for three years (from Ist July, 
1898» to 80th June, 1901, inclusive), the interest on certain loans, and 
also certain amounts payable annually for railway g:uarantees. Specially 
secured as a first charge upon the Rio de Janeiro Custom revenues, and 
in default on the Customs revenues of the other ports of the Union. 

Vote 

The 6% Fundi ner Loans of 1898 and 1914 are a first and second charge 
respectively on the Customs duties of the Port of Rio de Janeiro, and, 
in default, on the Customs revenues of the other ports of the Union. 
Takiner the collections at Rio alone, the results for the years 1919, 19S9 
and 1921 were as follows: 

Year Gold Paper 

Rs. Rs. 

1919 38,017:886 85.870:484 

1920 65.282:426 55.481:891 

1921 86.469:864 41,848:250 

The latest year for which official figrures have been received for the 
other Braxilian ports is 1919. In that year (a« in preceding years) the 
collection largely exceeded those of Rio alone, the actual figures bein^: — 
Port of Rio— gold Rs.88.017:886|. paper R8.85,870:484|; Rest of Brasil— 
gold R8.46.246:768|; paper Rs.80,417:156$. Taking for the purpose of 
calculation the Rio collections for 1921. and ignoring those of the other 
ports, the sterling value of the duties — assuming an exchange of 7d. for 
the paper receipts — ^was £6.171.536. On this basis the annual interest 
service (£1,144.673) of the two funding loans would appear to be covered 
four and one-half times over. 

BBiCTTiTiy OOTT 4% WTaMLXma XiOAV or 1900 
(Bailwaj Ouaraiitees meotsrton) 

Issued, £16.619,320. Outstanding £10,686,400. Interest January and 
July, at N. M. Rothschild & Sons, London. Redeemable by means of a 
cumulative Sinking Fund of V&% per annum (commenced 1st July, 1906), 
operating by purchase, if under par, or by drawings at par in Bfarch, 
June, September and December. The whole loan to be extinguished by 
July 1. 1962. Government has reserved the right to Increase S. F. at 
any time on six months' notice. Principal and interest payable, free of 
all Brazilian taxation at London in sterling, and in Paris, Amsterdam, 
Brussels and Hamburg at the exchange of the day on London. Bonds 
in coupon form of £20. £100. £600 and £1,000. 

An extraordinary sinking fund, consisting of (a) the difference between 
the amount of the old guarantees (see below) and the 4V&% service of 
the loan, and (b) any sums arising from the leasing or disposal of the 
railways, is to be employed to retire these bonds by purchase in the 
market. Bonds of the Funding Loan of 1914, equivalent to the foregoing, 
shall be issued and sold in the market, and the proceeds applied to the 
purchase of bonds as above. 

Authorized by Law No. 746 of 29th December. 1900. for the acquisi- 
tion of railway companies having guarantees of interest from the Brazilian 
Government. In addition to the guarantee of the Braxilian Government, 
the loan is secured upon the general resources of the railways. 

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BRAZIL 

Under the funding plan of October, 1914. coupons for Jan., 1915 to July, 
1917 Inclusive, were funded Into the new funding loan of 1914, and the 
fixed sinking fund Is to be suspended for thirteen years from August 1, 
1914. 

BBASZLZAir OOTV 6% WTaMLXma IbOAM OV 1908-1908 

Obraa do Porto. Issued, £8,600,000. Outstanding £7,698,100. Interest 
Mky and November 1, in I^ndon in pounds sterling, and in Paris. Amster- 
dam, Brussels and Hamburg at the exchange of the day on I^ondon. 

Redeemable by a cumulative Sinking Fund of 1%% per annum, to be 
applied half-yearly by drawings at or over par (In April and October for 
payment on 1st May and 1st November, respectively), or by purchase whea 
under par. The Government reserves the right to redeem the whole or any 
portion of the loan at any time on six months' notice. It is provided that 
if any part of the loan is not redeemed by May 1, 1989, it shall then be 
redeemed at par by the Government. Bonds in coupon form, in amounts 
of £1,000, £600 and £100. Interest on the loan Is being regularly met, but 
the sinking fund is suspended for thirteen years from August, 1914. 

In addition tc forming part of the general debt of the Federal Govern- 
ment, the loan is secured by the revenue derived from the special tax up 
to S% authorized to be levied ul;>on imported goods, as well as by all the 
net revenues to arise from time to time from landing charges, warehouse 
rents, and mooring, quay and other dues levied and collected at the port, 
harbor, and docks of Rio de Janerio. 

Agents, N. M. Rothschild & Sons, Iiondon. Issued, £6.600,000 In May, 
190S, at 90% and £8,000,000 in June, 1906, at 97%. 

BmiicfTiT/ijr Gorr 8% STxm&ZHa bohbb or i908 
COompaahla XJoyd Bnudleiro) 

Issued, £1,100,000. Outstanding £210.600. Interest April and October 
1 at N. M. Rothschild & Sons, London. Issued at 96% in April. 1906. 
Interest and Sinking Fund guaranteed by the Government of the United 
States of Brazil. Bonds in coupon form of £100. Operation of sinking 
fund postponed to October 1, 1927. 

See note under Companhla Lloyd Brasllelro 4% Bonds of 1910. 

BBAflEX&ZAV OOTV 8% &OAV OV 1908 

Issued, £4,000,000. Outstanding £1,889,400. Interest January and July 
1, at N. M. Rothschild & Sons, London in pounds sterling, and In Paris 
and Amsterdam at the exchange of the day on London. Issued in July, 
1908, at 94%, this loan was to have been redeemed at par by 19 drawings 
as follows: 1st July. 1909. £318,000; 1st January, 1910, £164.400; 1st July, 
1910. £168.600; 1st January 1911. £172.800; Ist July, 1911. £177.100; 1st 
January, 1912. £181,600; 1st July. 1912. £186.100; 1st January, 1918, 
£190.700; 1st July, 1918. £195.500; 1st January. 1914, £200.400; 1st July, 
1914, £205.400; 1st January. 1915, £210.600; 1st July, 1915, £215.800; 1st 
January. 1916. £221,220; Ist July. 1916, £221.100; 1st January. 1917; 
£232,400; 1st July, 1917, £238.200; 1st January, 1918; £244.200; and 1st 
July, 1918, £250,800. Bonds in coupon form of £100. £500 and £1,000. 
Under funding plan of October, 1914, coupons from January, 1915 to July, 
1917, were funded into the new funding plan of 1914, and Sinking Fund 
suspended thirteen years from August, 1914. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

BMAmaiAM aOTT 6% 1.0AV or 1900-1900 
CF«d«rml Ballw»y Jboaii — ^Frmioli ^oan) 

Issued Fes. 100.000.000. Outstandinff Fes. 98.786,000. Interest Januair 
and July 1, at Paris, free of all Brazilian taxes. Redeemable before IOCS 
by semi-annual drawing's in May and November. Coupon bonds of SOO 
francs. Issued for construction of railroad from Itapura to Corumba. 

Sinklner fund of this loan was suspended till 1927 by the funding plan 
of 1914. 

BmiBTTtTiy OOTT 0% l^OAV Or 1909 
CXmproTeinent of Fort de Pemamlmoo— Freiioh Iboan) 

Issued and outstanding* Fes. 40.000.000. Interest, February and Auirust 
1, free of all Brazilian taxes. Redeemable from 1915 to 1964, by semi- 
annual drawings. Coupon bonds of 500 francs. Issued in 1909, as part 
of a loan amounting: to Fes. 84.528.800. authorized December. 81, 1907, and 
December 8. 1908. 

Sinking fund of this loan was suspended till 1927 by the fundin^r Plan 
of 1914. 

MWLAXtxoAM aoT'T 4% STsmunra bovbb or i9io 

(Oompanhla Uoyd BrasUelro) 

Issued and outstanding: £1.000.000. Interest April and October 1, at N. 
M. Rothschild & Sons, London. Issued at 90% in May. 1910. Redeemable 
at par by 12 half-yearly drawings which were to have been as follows 
1st October. 1916. £98,000; 1st April. 1917, £76,000; 1st October. 1917, 
£76,600; 1st April, 1918, £78,000; 1st October, 1918. £79,600; 1st April, 1919, 
£81,200; 1st October, 1919. £82,900; 1st April. 1920. £84,500; 1st October, 
1920, £86,200; 1st April. 1921, £87.900; Ist October. 1921. £89,700; and Ist 
April, 1922. £80,600. Under funding plan of 1914, the drawlncrs will not 
begin until October 1, 1927. Interest and Sinking Fund guaranteed by the 
Government of the United States of Brazil. Bonds In coupon form of 
£100. 

The Government of the United States of Brazil was empowered by 
Decrees Nos. 6,903 of 28d February. 1906, 6.116 of 21st August, 1906. and 
7,772 of 80th December. 1909. to grant an annual subvention to the Lloyd 
Brasileiro (Sociedad Annonyma) of Rio de Janerio. The same decrees 
provide that should it be necessary for the Company to issue a loan for 
various purpose^ the Federal Treasury shcdl pay the subvention direct to 
the bankers by whom the loan may be issued, in which case the ships 
bought by tb* Company shall be mortgaged to the Oovemment. 

' A contract was entered into by Messrs. N. M. Rothschild & Sons with 
the Government of the United States of Brazil for the payment of the 
subvention direct to them in accordance with the law. The CompanhJa 
Lloyd Brasileiro is now in liquidation, but the position of this loan and 
the 6% Loan of 1906 is not affected as they bear guarantees of the 
Government. 

BMAXaiAM OOTT 4% IbOAM Or 1910 

Issued, £10.000.000. Outstandiner £9.767,500. Interest February and 
August 1, at N. M. Rothschild & Sons, London, in pound sterliner* and In 
Paris, Amsterdam, Hamburg and Brussels at the exchange of the day. 
Redeemable by accumulative Sinking Fund of V& % per annum (commenced 
January, 1911), applied by drawlngrs at par January and July or by pur- 

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BRAZIL. 

chase under par. Bonds in coupon form of £100, £500, an'l £1,000. Coupons 
(Ausrust, 1914, to February, 1917), funded and Sinking Fund suspended 
under fundlner plan of 1914. 

Issued at 87V&% in February, 1910, for the oonversion and redemption 
of the Western of Mlnas Railroad Company 6% Guaranteed Loan of 1898 
as well as the Brasilian Oovemment 5% Loan of 1907, and also for the 
extension and construction of railways in the States of Ceara and Plauhy. 

MMAXatMM OO'TT 4% AOAV Or 1910 
(Vedeval X«llw»js— Trenoli &oaa) 

Issued Fes. 100,000,000. Outstandingr Fes. 98,464,500. Interest March 
and September 1, free of all Brazilian taxes. Redeemable in 60 years by 
1968 semi-annually January and July. Coupon bonds of 500 francs. 
Issued in PaHs March 7. 1910. througrh Credit Mobiliier Francais at 447.50 
francs. 

Sinldnff fund of this loan was suspended till 1927 by the Funding Plan 
of 1914. 

MRMMOSAM aOY*T 4% AOAV Or 1911 
(BomA Bond s r re ncl i Koaii) 

Issued and outstanding, Fes. 60,000,000. Interest January and July 
!• free of all Brazilian taxes. Redeemable from 1916 to 1972 by pur- 
chase or drawings in June and December for payment January and July 
1, respectively. Coupon bonds of 500 francs. Issued for road construction 
in the State of Bahia. Agents, Caisse Commerciale et Industrielle at 
Paris; Credit Anversois at Antwerp. 

Sinking fund of this loan was suspended till 1927 by the Funding Plan 
of 1914. 

BmigTT.TMff OO'TT 4% &OAV Or 1911 
Vort Works of Bio de Janeiro 

Issued £4,600,000. Outstanding £4,042,900. Interest March and Sep- 
tember 1 at N. M. Rothschild & Sons, London, in pound sterling, and in 
Paris, Amsterdam, Brussels and Antwerp at the exchange of the day 
on London. Redeemable at par by 80 half-yearly drawings in February 
and August commencing February, 1918. Bonds in coupon form of £100, 
£500, and £1,000. Coupons September, 1914, to March, 1917. funded as 
above. Sinking Fund suspended for thirteen years from August 1, 1914. 
Bonds for £117,700 drawn in September, 1914, were repaid in funding 
bonds of 1914 at par. 

Offered for subscription in London, Amsterdam. Brussels and Antwerp 
in March. 1911, at 92%. 

BBASaXAB' OO'TT 4% 1.0AV Or 1911 
COeara BaUwaar ^oan) 

Issued and outstanding £2,400,000. Interest payable January and July 
1, at Lloyds Bank, Ltd., London in pound sterling and in Rio de Janeiro 
and Paris at the exchange of the day on London. Under the provisions 
of this loan semi-annual amounts, beginning July 1, 1916, sufficient to 
retire this entire issue by 1972, were to be applied to the purchase of 
these bonds below par if not so purchasable drawn by lot at par and 
interest. Coupon bonds of £20 and £100. Under the funding plan of Oc- 



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KIMBBR'S RECORD OF QOVBIRNMBNT DEBTS 

tober, 1914, the operation of this sinking fund was suspended for thirteen 
years from Aug. 1, 1914, and coupons maturlner from January 1, 1915, to 
July 1, 1917, both Inclusive, were funded Into the new funding loan of 
1914. These bonds were offered for subscription by Lloyds Bank, Ltd., 
Dec., 1911, at 88H. 

Issued for the construction of railways in the States of Ceara and 
Plauhy under decrees of the President of Brazil, dated May 10, 1911, and 
Nov. 80, 1911, authorising the negotiation of this loan by the South 
American Railway Construction Co., Ltd. 

BMAMXLXAM OO'TT 6% XiOAV Or 1918 

Issued and outstanding £11,000,000. Interest April and October 1, in 
London, Paris, Amsterdam, Brussels, Basle and Hamburg. Redeemable by 
means of a cumulative sinking fund of 1% per annum, applied half-yearly 
by purchase of bonds under par, and by drawings when the price is at or 
above par. The first operation was to take place In September, 1914, while 
the government reserved the right to redeem the whole or any portion of 
the loan at any time on giving six months' notice. Coupon bonds of 
£1,000 £500, £100 and £80. Under the plan of October, 1914, coupons due 
from October 1, 1914, to April 1, 1917, both inclusive, were funded into 
the new funding loan of 1914, and the sinking fund suspended for thirteen 
years from August 1, 1914. 

All payments at London in sterling, and In other cities at the exchange 
of the day on London. 

Issued in May, 1918, at 97%, to provide funds for works at the ports 
of Pemambuco, Paranagua and Corumba, for works of construction and 
extension of the Brazilian and the Western Minas Railways, and for the 
repayment of £8,200.000 Treasury Bills. 

BmiHTT.Tiy OO'TT 6% VVVDZVa BOVB8 Or 1914 

Issued and outstanding £14,502,896. Interest February, May, August 
and November 1 at London in sterling. Redeemable by a cumulative sink- 
ing fund of V&% per annum applied half-yearly by purchase under par, 
and when at or above par by drawings. Redemption to commenoe at the 
end of ten years from July 81, 1917, although the government may pay 
off the loan at par at any time on three months notice. Coupon bonds of 
£20. £100, £600. and £1,000 each. 

Coupons and drawn bonds are payable also in Paris, Amsterdam, and 
Brussels at the exchange of the day on London. 

The loan is secured on the Rio de Janeiro customs revenues immedi- 
ately after provision has been made for the interest and sinking fund of 
the 5% funding bonds of 1898, which constitute a first charge, and, more- 
over, the bonds of this loan are secured by a second charge on the customs 
revenue of the other ports of the Union, should the Rio de Janeiro customs 
at any time prove insufficient. 

Authorized, £16,000.000. Created for the purpose of providing for the 
coupons of all the external bonds of the Brazilian Government (with the 
exception of the 5% funding l>ond8 of 1898 and the 6% loan of 1908). 
The government reserved the right to apply £2,500.000 out of the £16,000,000 
during the three years ending July 81, 1917, for the railways and port 
works, having a distinct guarantee In gold. 

Vote— -For yield the assigned revenues in recent years see note follow- 
ing description of Funding 5% Bonds of 1898. 

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BRAZIL 

GOTAB BAZ^WAT 6% XiOJUT Or 1907 
AmnmmA by tbrn- BraBiliaii OoTt in 1916 

Issued. Pes. 25,000,000. Outstanding. Pes. 24,915,000. Interest March 
and September 1. Piincli>al repayable at par by 1997 by annual draw- 
ings in November for pajrment following May 15. Denomination, coupon 
SOO francs. 

Issued by the Compagnie du Chemin de Per de Goyaz. and sold on 
their account In Paris at from 430 to 440 fcs. per 500 fc. bond in 1907 
and 1909. 

Defaolt — the service of these bonds was defaulted in 1914, and by 
contract of August 30, 1916, the Brazilian Government agreed to take 
over a part of the company's line of railroad and assume all obligations 
under the bonds. Litigation ensued, however, and in the meantime no 
interest or sinking fund payments are being met (March, 1922). 



BBIIinT.TiJr OOT'T aO^TSA» 8% BZTBmVAl. AOAV 1981-1941 
Jamam 



Issued and outstanding, $50,000,000. Dated June 1, 1921. Due June 
1, 1941. Not callable before maturity in whole or in part. Interest 
June and December 1. Principal and interest payable in New York City 
in U. 8. gold coin at Dillon, Read and Co.. Fiscal Agents, free from 
all Brazilian taxes, present or future. Denominations, coupon |500 and 
11.000, registerable as to principal. 

A Sinking Fund is provided sufficient to purchase $625,000 principal 
amount of bonds and semi-annually, at 105 and accrued interest. Balance 
unexpended at end of each six months reverts to Brazilian Government. 

Proceeds of this loan were used in part for purchase in the United 
States of materials required by the government 

Offered $26,000,000 In May, 1921. by *Dillon, Read and Co.. Blair and 
Co., Inc., White, Weld and Co.. and others at 97% and interest to yield 
S.25 per cent., and $25,000,000 in August. 1921, by the same banking 
group at 98 H to yield about 8.15 per cent. 

BmAZELXAV OOTBBarUBVT 7% nrTBBMAl. XiOAV or 1921-1931 

Authorized 200.000.000 milreis paper. Issued and outstanding — ^not 
yet available. Interest March and September 1. Principal repayable by 
September. 1931, through drawings of one-tenth of the original amount 
for payment on September 1 of each year. All payments at Rio de 
Janeiro, free of Brazilian taxes, present and future. Denominations 
coupons, 5.000 and 10,000 milreis. 

Authorized by Decree No. 14981 of August. 1921 to cover part of the 
expenses of the construction of the railroad connecting the City of 
Petralina with the City of Therezlna. capital of the State of Piauhy, and 
for other expenses of the Government. 

Oftered for public subscription in Brazil in September, 1921, at 97 
and Interest. 

Listed on the London Stock Exchange. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



Brazilian States and Cities 



State of Alagoas 



Alagroas is one of the smaller States of Brazil, situated on the ea«t 
coast immediately south of Pemambuco. Area is 22,577 square miles, 
chiefly mountainous, climate hot and humid. Chief products are sugar, 
cotton, tobacco and rice. Population (1921) 946,617. Capital, principal 
city and seaport is Maceio, which has a population of about 40,000. 

Values of merchandise imported into the state in recent years 
were in 1916. £899,658; 1916, £442,174; 1917, £446,176; 1918, £469,824; 
1919. £727,208. 

Values of exports, chiefly agricultural piV>ducts; in 1916, £S68,02S; 1916, 
£196,655; 1917. £204,125; 1918. £272.773; 1919. £244,796; 1920, £814,625. 

Revenues of the State are derived chiefly from the export tax on 
sugar. Total actual State revenues in 1920 were 7,688,109 milreis, actual 
expenditures 6,299,275 milreis, giving a surplus of 1,888.884 milreis. 

State debt as of December 81, 1918 (latest report) was: External 
Funded, £500.000; internal funded, 600,200 milreis; internal floating debt, 
518,242 milreis. 

AJUkQOAB (flTTATB) 5% ZiOAH OF 1900 

Authorized and issued £500.000. Outstanding £500,000. Interest 
January 1 and July 1. Payments made in London by fHoyds Bank, Ltd.. 
72 Lombard St, E. C. 8 (on bonds issued in London only) and In Paris. 
Redeemable by July 1, 1958, by means of a cumulative sinking fund, 
operating by drawings in April at par when price is above par or by pur- 
chase when below par, commenced in 1909. Bonds to bearer of £20,. £60 
and £100. 

(Treated for the unification of the state debt of Alagoas, and spedflcally 
secured by the export duties of the State. The State also has under- 
taken not to conduct any loan which will rank before or on equal terms 
with this issue, and to set aside annually a sum equal to 5H% of the 
total nominal amount of the loan, the surplus over interest charges to 
be applied as above. 

£200.000 were offered in March, 1909. by Messrs. Tomkinson, Brunton 
A Co.. London, at 85 and £80,000 sold privately in London since; £220,000 
welre sold in Paris in 1906. 

Vots: Interest due January 1, 1921, and since, had not been paid up 
to February, 1922. 

JLEbAQOAM (8TATB) 6% ZVTSBVAZi ZiOABT OF 1907 

Issued, 600.200 milreis paper. Authorised by decree No. 406 of Miirch 
12, 1907, and issued for the purpose of converting the 7% Bonds outstand- 
ing in the hands of the State Cfharitable Institutions and for the payment 
of 1200.000 to the Pension Fund. 

State of Amazonas 

Amazonas is the largest State in Bracil, having an area. of 781,863 
square miles, which is greater than any country of Europe except Russia. 
Population, however, is only 460,000. Amazonas is in the extreme north- 
western part of Brazil, directly under and south of the Equator. The 
only product of importance is rubber. Capital and chief city is Manaos. 



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BRAZIL 

Formerly Amazonaa was prosperous, but the decline In the price 
of rubber and the competition from plantations in the Far Bast have 
greatly reduced her Income. Exports of rubber In 1918 were valued itt 
75.088.850 mllreis; In 1918 at 28,040,599 milreis; in 1920 at 30,224,072 
milreis. 

The State revenues are derived principally from the export taxes on 
rubber. Actual revenues in recent years have been: 11,086.754 milreis 
In 1917; 6,577,125 milreis in 1918; 8,010,222 milreis in 1919; 4,852,770 
milreis in 1920. 

This reduction in income and the decline in the purchasing power 
of the milreis (see under Brazilian Currency) made it impossible for the 
State to meet interest payments on its external obligations. 

The public debt of the State (December 81, 1921) was as follows: 

milreis paper 

External Debt 61,826,954 

Internal Funded Debt 28,015,000 

Unpaid interest on internal debt 7.969,182 , . 

Floating Debt 19.128.506 

Total Debt 116.939.642 

AlULXOMAS (8TATS) 5% ZiOABT OF 1906 

Issued Fes. 84.000,000. Outstanding Fes. 80.236,600. Interest May 
and November 1, free of all present and future Brazilian taxes at Societe 
Marseillaise de Oedlt Industriel et Commercial et de Depots, Paris, 
or at Brussels and Antwerp. Repayable at par before 1967, through a 
sinking fund of %% per annum operating by purchase 'at or below par 
or drawings at par. 

Specially secured by pledge of 1% of revenues from patent taxes, 
2% of revenues from taxes on Indian rubber, and 3% on revenues from 
lease or operation of the tramways and electric light facilities of the 
City of Manaos. 

Issued in July, 1906, In Paris, Brussels and Antwerp at 91. 
■ Funding. — Including the coupon due November 1. 1915. cash payments 
on this loan have been suspended for a duration of 5 years, and In lieu 
of such payments, holders have received In 5% consolidation bonds, an 
amount equal to the coupons of the 1906 loan due. 

Payment of Interest In cash was not resumed in 1920, and is still in 
default (March, 1922). 

AMASOMAS (flTTATB) ZNTSBHA& 6% BOVD8 OF 1916 
(MaBftOS Xmprovementb, Xdmlted) 

Issued and outstanding £500,000 (7.500 Contos). Repayable by 1946 
through operation of a 1% sinking fund beginning in 1921. The Govern- 
ment undertakes to make up any deficiency to meet the Interest and 
sinking fund from the revenues of the specific taxes hypothecated. 

Created for issuance to Manaos Improvements, Limited, In payment for 
its properties comprising water supply and sewage system supplying 
service to the City of Manaos, which were taken over by the State In 
1918. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

BOVA8 (8TATB) 5% rUVDIHO X^ABT OF 1915 

Issued and outstanding Fes. 20,500.000 (£820.000). Interest May and 
November 1. Repayable, beginning November 1. 1925. 
Issued to fund coupons unpaid of 1906 loan. 
Vote: No payment of interest on this loan has been made since 1918. 

Manaos, City 

Manaos, capital and chief city of the State of Amasonas, situated at 
the confluence of the Rio Negro and the Amazon and about 900 miles 
from the sea. It is the commercial center of the whole upper Amason 
region, has modern docks, warehouses, etc., does a largre export business 
in rubber, nuts, cocoa, etc., the river being navigable to this port for 
ocean going vessels. Manaos is a modern, handsome city, electric lights 
and tramways, a flne water supply system, etc. Population in 1921, 
about 80,000. 

MAVA08 (OZTT) 5H% ^OAV OF 1906 

Authorised, £350,000. Outstanding, £269.800. Interest May and No- 
vember 1. Denominations £20 and £100. Redeemable by 1936 through 
operation of 1%% sinking fund (commencing May, 1907), to be applied to 
purchase of bonds below par or drawings at or above par. Sinking fund 
may be increased on six months' notice. All payments In sterling at the 
London & Brazilian Bank, Ltd., Liondon, free of all Brazilian taxes. Is- 
sued by them at 91. Specifically secured on revenues of market and 
slaughterhouses. 

Coupons due Nov., 1914, and the 1915 coupons were delayed six months 
and then paid plus interest. Payments made on this plan May and No- 
vember 1, 1915. 'coupon due May 1, 1916, paid May 7. 1917. Coupon due 
Nov. 1, 1916, paid Apr. 1, 1918. None paid since. Amortization is also 
in default. 

State of Bahia 

One of the Atlantic States of Brazil, south of Pernambuco. north of 
Espirito Santo and Minas Ceraes. Area, 164,650 square miles, a large 
part of which is an arid, barren plateau. 2.300 to 8,000 feet above sea 
level. The coastal plain is fertile. Climate hot and dry, and on the 
coast somewhat unhealthy. Its chief products are cocoa and tobacco, 
practically all Brazilian exports of those commodities being from Bahia. 
Bahia is the third largest cocoa-producing area In the world, and grows 
as much tobacco as Cuba. It is also an important producer of hides and 
skins. Manufactures negligible. The state Is well served by railways, 
having 1,757.895 kilometres of the total 28.555,095 in Brazil. Population 
(1920). 3.372,901. Capital and chief city, Bahia (or Sao Salvador). 

Values of merchandise imported into the State in recent years were: 
in 1915, £1.561,746; 1916, £1.908.492; 1917. £1,914,022; 1918, £2,492,916; 1919, 
£3.510,526. 

Values of exports, chiefly cocoa and tobacco: in 1915, £.5.261.535; 1916, 
£5.298.650; 1917. £5.433.332; 1918. £5.962.881; 1919, £18.079,893; 1920, 
£8,746.056. 

BAKIJL (8TATB) 5s 6f 1888 

Authorized francs. 20.000,000. Outstanding francs, 9,051,000. Denom- 
inations 500 francs. Interest June and December 1. Redeemable by 1925 



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BRAZIL. 

by drawings or purchase through operation of H % sinking fund. Secured 
by first char^ on greneral revenue. All payments in francs at the Banque 
de Paris et des Pays-Has in Paris, free of State taxes. Issued by them 
at 96. Authorized by law of April 21, 1888. 

Under the terms of an acrreement made in January, 1919, the coupons 
due from December, 1917 to June, 1919, inclusive, were paid 40% in cash 
and 60% in 6% Treasury Bonds; coupons of December, 1919, and June, 
1920, were paid 60% in cash and 60% in Treasdry Bonds. 

Funding* of Coupons. — See note under 6% Bonds of 1918, also Funding 
Bonds of 1915. 

BAKZA. (BTATB) 5s OF 1904-1906 

Issued £1,062,360. Outstanding £998,640. Interest May and November 
1. Coupon bonds in denominations of £20, £100 and £500 each with their 
value in francs expressed on them. Redeemable at par in 60 years by a 
cumulative sinking fund of %% per annum; to be applied to the pur- 
chase of bonds when below par, and to annual drawings in April when 
above par, the first redemption having taken place in 1906. Government 
has the right to increase the sinking fund at any time on six months' 
notice. Kxempt from all Brazilian taxes. Payable in London in sterling 
and in Paris and Brussels at fixed rate of 25 francs to the £. 

Secured on export duties on Tobacco, Rubber, Cocoa and Coffee, and 
the state undertook to pay quarterly to the London & Brazilian Bank in 
Bahla £14,768 on account of the service of the loan. 

Authorized £1.613,800 of which £1,000,000 was issued in January 1906. 
in London by the London & Brazilian Bank, Ltd., Brussels, Amsterdam and 
Switzerland at 91 14. In addition £62,860 was issued to redeem a portion 
of the loan of 1888 placed in France. Remainder, £551,400, were cancelled. 

Coupons due November 1. 1914, were not met until May 1, 1915, plus 
5% interest May 1 and November 1, 1915, were not paid, nor was the 
sinking fund pasrment made. In January, 1916. Government announced in- 
tention to fund for three years the interest on the loan and suspend 
operation of sinking fund for same period, funding scheme to include 
coupons May 1, 1916 to November 1, 1917, Inclusive. The Government 
allocated to holders £120 of funding bonds in exchange for £100 unpaid 
coupons. In July, 1918, the same arrangement was made regarding 
coupons for 1918, 1919 and 1920. Coupon due November 1, 1920, was 
paid 50% in cash and 50% in 6% Five- Year Treasury Bills (see below). 

Coupon due May 1, 1921. was paid in cash; coupon due November 
1. 1921, was also paid in cash. 

BAKUL (8TATB) 5s 07 1910 

Authorized francs 46,000,000. Outstanding francs 44,074,000. Interest 
January and July 1, in francs, at the Banque de Paris and des Pays 
Bas. free of State taxe& Repayable at par before 1959, by drawings 
annually in October. 

Authorized by the laws of May 4 and October 16, 1909. 

Secured by prior lien on the railroad revenues and by revenues from 
various export duties, especially those from coffee and cocoa, subject to 
amounts necessary for service of the loan of 1904. 

Under terms of an agreement made in January, 1919, coupons due 
from January, 1918 to July, 1919, Inclusive, were paid 40% in cash and 
60% in Treasury Bonds; coupons of January and July. 1920. were paid 
60% in cash and 60% In Treasury Bonds. 

(over) 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Funding Coupons — See note under 6% Bonda of 191S, also Fnndlnc 
Bonds of 1916. 



BAKZA. (flTTATB) 5% aOU> 80V1MI OT lfl8 

Issued £1,000,000. Outstanding: £990,240. Interest January and July 
1. Denominations of £20, £100. £600 and £1,000 each. The loan was to 
be redeemed in fifty years by a cumulative sinking: fund of %% per 
annum, commenced in 1918, applied to anntial drawing:s (In December) 
at par or by purchase in the open market below par. State may accelerate 
redemption by additional purchases or drawings at any time after June 
80, 1928, on six months' notice. As special security for the loan the tax 
on industries and professions and the property transfer tax were given. 
All pasrments have been made free from Brasilian taxes, in London (by 
Lloyds Banks, Ltd.. or Barclay's Bank, Ltd.). Switzerland, Belgium, 
Germany and Holland. 

Issued in April, 1918. through Lloyds Bank, Ltd., and the London and 
South Western Bank, Ltd., London, at 98. 

Funding Coupons due on this loan on January 1, 1916. were not met. 
nor was the corresponding appropriation for the sinking fund made. In 
April, 1916, the government announced its intention to fund for three 
years the interest on the loan, and to suspend the operation of the sink- 
ing fund for the same period, the funding plan to include the coupons 
due January 1, 1916, and the subsequent coupons down to July 1, 1917. 
inclusivow The government allocated to holders of the bonds £120 nominal 
value of funding bonds in exchange for £100 nominal value of unpaid 
coupons, and, after deducting income tax, the bondholders receive £106 
nominal value of funding bonds for every £100 of unpaid coupons pre- 
sented for exchange before April 6, 1916, any subsequent alteration in 
the income tax to be adjusted. The same arrangement was made in re- 
spect of Interest and sinking fund for 1918. 1919 and 1920. 

Coupon due January 1. 1922, had not been paid as of March 1. 1922. 



8AHZA (BTATS) 6% FUVDZHd- BOMD8 OF 1915 

Issued £666.680. Outstanding £671,610. Interest January and July 1. 
Denominations of £10, £20 and £100 each. Issued in 1916 against unpaid 
coupons of the 6% Bonds of 1906 and 1918, while the funding of coupons 
continued down to, and Inclusive of November 1, 1917, for the 1906 loans 
and July 1. 1917, for the 1913 loan. The bonds are redeemable by a 
■inking fund of 2% per annum to be applied, beginning on January 1, 
1918, to the purchase of bonds on the market at or below par, or in draw* 
Ings should the price exceed par, and the government may redeem the 
whole or any portion of the issue at par at any time on giving six 
months', notice. Total authorisation is £800,000 which includes provision 
for funding interest on the 1888 and 1910 loans, and as security tha 
government has given a first charge upon the internal taxes of the state 
called the collectorlas. Payments on the bonds are made in London, tree 
of all Brazilian taxes, by the Commercial Bank of Spanish America, Ltd.« 
in sterling, also at Paris in francs. 

Issued in 1916 for the purpose of funding the Interest on External 
Loans of Bahia for three years, viz., 6% Gold Loan of 1918, coupons due 
Jan. 1, 1915 to July 1, 1917, and 6% Gold Loan of 1904, coupons due May 
I, 1915 to Nov. 1, 1917, Inclusive, 6% Gold Loan of 1888, coupons dtis 

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BRAZIL 

Dec. 1» 1914 to June 1, 1917, 5% Gold Lidan of 1910, coupons due Jan. 1« 
1915 to July 1, 1917, at the rate of £120 nominal value of Pundincr Bonds 
for £100 nominal value of unpaid coupons. 

Coupon due January 1, 1922, had not been paid aa of March 1, 1922. 

BASZA (8TATB) 5-TXAB 6% TBBASVBT MXOM OF If 18 

Issued, £855,000. Outstanding: £83,270.* Interest January and July 1. 
Issued in respect of the coupons in 1918, 1919 and 1920 on the 6% loans of 
1905 and 1918. Bills are repayable within 5 years from the respective du« 
dates of the coupons exchanged, while interest accrues from the same 
date. Principal and Interest payable in London in sterliner at the Com- 
mercial Bank of Spanish America, Ltd.. or in Paris in francs at the 
exchanere of the day. Coupon bills in denominations of £10. The Govern- 
ment reserves the right to redeem the whole or any portion of th* 
Treasury Bills at par at any time on giving three months' notice, and 
undertakes to exercise the right of earlier redemption when the financial 
situation of the state permits. 

BaMa, City 

Bahia (or Sao Salvador), capital, chief city and seaport of the State 
of Bahia. It has one of the best and most accessible harbors on the west 
coast of South America and does a large coastwise and foreign trade. 
Numerous railway lines radiate from Bahia to the interior. The city has 
electric tramways, power, etc., is the center of the cocoa and tobacco 
trade, and has some important manufactures of tobacco, cotton, leather* 
sugar, etc Population in 1920 about 800.000. 

Imports through the port of Bahia in 1918 were £2.741,162; In 191>, 
£2.893,784; in 1920, £8,782,716; in 1921, £1,678,082. 

BASXA (OZTT OF) 6s OF 1906 

Authorized and issued 26,000,000 francs. Interest February and 
August 1 in francs at the Banque de I'Union Parisienne, Paria This loan 
is a first charge on the revenue from water, drainage and markets, ai|d 
is redeemable by drawings by 1940. Free of Brazilian taxes. Offered tir 
Paris in 1905 a^ 82. No interest is being paid on these bonds (March, 
1922). - :~ . 

BASZA (CITT OF) 5s OF 1912-1913 * 

Authorized and issued £1,600,000 or 40,000,000 francs. Outstanding 
£1,592.^00. Interest February and August 1, at London in sterling and 
at^ Pa?is in francs. Redeemable by half-yearly installments (com^ 
menced 1913) which will extinguish the loan within fifty years. Be-, 
d^ption.by purch^e under par or by drawings at par. Bight is reserved 
to redeem the whole or any portion oh three months' notice. Issued at 
94^ in London (£500,000) and ' Paris (27,600,000 francs). Securedon 
hojuse, industry and profession taxes. Denominations. coupons £20, £60» 
£100 and £500, registerable in London. Free of Brazilian taxes. 

Ck>ttpons from February. 19154 to August, 1920, were paid- In , bonds 
of the Consolidation Loan of 1916, which see. Sinking fund suspended^ "^ 
interest or other, payments in cash had been ma^e^up to If'ebru^ryi^ 1922^. ,. 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

BAKUL (OZTT 07) 6% 80HB8 07 lfl4 

Authorised £1,521»000. Redeemable by sinking fund of H% per annum. 
Issued in 1914 in exchanere for the undertakiners of the Bahia Tramway 
Lilerht and Power Co., and the Compagrie d'EiClairage de Behia, and secured 
by mortgage on properties formerly operated by above companies. First 
coupon was paid March 29, 1915, £40,000 in cash and £42,000 in promissory 
notes due July. 1916. These notes were not met at maturity, and no other 
interest payments have been made. 

The interest on the above bonds was not included in the funding plan 
represented by the Consolidation 5% Bonds of 1916. 

BAKUL (OZTT OF) 6% 00V80&ZDATZ0V ZiOABT OF 1916 

Interest June and December 1 at London in sterling. Denominations 
£10 and £50. Authorized and issued £840,000 for the funding of coupons, 
in default, due February, 1915 to August, 1920, on the 5% loan of 1912, 
and for the funding of other external loans. Redeemable by a cumulative 
sinking fund of 2% per annum, operating either by annual drawings at 
par or by purchase in the market, commencing in 1920, so as to redeem 
the loan by June 1, 1946. Principal and interest payable in sterling in 
London by the Agents at the Bank of Liverpool and iSiartins, Ltd. Bonds 
are exempt from all Brazilian taxes, and are specially secured by a first 
charge on revenues derived from certain taxes. 

Default — ^Interest on the above bonds was defaulted June, 1918. No 
payments had been made from that date to December 81. 1921. 

State of Ceara 

Ceara is one of the smaller northern Atlantic States of Brazil, north 
of Pemambuoo. Area, 40,253 square miles, the interior mountainous, on the 
coast a sandy plain. Much of it is arid and barren. It is one of the 
chief cotton producing States, and the largest exporter of skins. Manu- 
factures are of little importance. Extensive irrigation works are under 
construction. Population in 1921, 1.434.000. Capital and chief commercial 
center is Fortaleza, which is also its largest seaport. 

Values of merchandise imported into the State in recent years were: 
in 1915, £202,194; 1916, £288,886; 1917, £292,774; 1918. £847,594; 
1919, £570,606. 

Values of exports, chiefly cotton and skins, in 1916, £969,082; 1916. 
£914.557; 1917, £911,278; 1918, £1.291,677; 1919. £2.818,499; 1920, £2,652.768. 

CEAMJL (8TATB) BZTSBVAZi 5% ZiOABT OF 1910 

Issued Fc& 15.000,000. Outstanding Fes. 14,858,500. Interest May 
and November 1, free of all present or future Brazilian taxes and present 
French taxes, at Louis DreytuB & Co., Paris. Repasrable at par before 
1948 by annual drawings in May, which were suspended until 1921. 
Coupon bonds of 500 fcs. each. 

Loan is secured by the entire resources of the State of Ceara and more 
particularly by revenues derived from export duties and taxes. 

Issued under laws of August, 1904, July, 1908 and July, 1910, for the 
establishment of a system of sewage and water-works for the City of 
Fortaleza. 

The payment of coupons due November 1, 1914 and May 1, 1916, was 
not effected, and these coupons will be redeemed in five years from No- 
vember 1, 1916, by ten half-yearly pajrments at the rate of 8.06 fos. each 

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BRAZIL 

six month& Certificates to bearer were Issued coverlner the agreement 
for these pajrments. 



State of Espirito Santo 



One of the smaller Atlantic States of Brasll, adjoining Bahla on the 
north and Hio de Janeiro on the south. Area, 17,308 square miles, most 
of it mountainous. Lumbering and coffee production are the principal in- 
dustries. Population in 1921, 482,000. Capital and chief city, Victoria. 
States revenues and expenditures for recent years have been as follows: 
(in milreis paper) 
Year Revenues Expenditures 

1919-20 10,026,664 5.146.585 

1918-19 4,998,789 4,980,616 

1917-18 4,587.648 4,887.411 

1916-17 4,376,330 4,865,847 

Practically the entire revenue of the State is derived from the export 
taxes on coffee and timber. 

As of December 81, 1921. the external debt was 44,096,000 francs, 
internal funded debt 6,766,000 milreis, internal floating debt 868,879 
milreis. 

Values of merchandise imported into the State in recent years were: 
in 1916. £67,648; 1916, £82,916; 1917, £38,414; 1918, £21,709; 1919. £66,770. 

Values of exports, chiefly coffee and timber: in 1915, £1,180,263; 1916. 
£1.133,928; 1917, £1,008.210; 1918, £728.487; 1919, £2,874,218; 1920, £1,973.132. 



I-8AHTO (flTTATB) PBBFBTXrAZi JmOAXB 

Issued and outstanding 6,765,000 milreis. Interest is at 6%, payable 
January and July 1. No date of maturity. These bonds were sold 
locaUy, 1,687.400 milreis in 1888 and the balance, in 1909 and 1910. 



rO (8TATS) 5% BAI&WAT ZiOAJr OF 1894 

Issued Fes. 17,500,000. Outstanding Fes. 8,848,000. Interest April and 
October 6, free of all Brazilian taxes, at Banque de Paris et des Pays- 
Bas. Repayable at par before 1927, by annual drawings in August, or 
by purchase if the market price is under par. Coupon bonds of 500 fcs. 

Issued under law of October 4, 1894, for the construction of the 
Southern Railway of the State of Esplrito-Santo. 

BSvnuTO-BAJrro (statb) 5% ZiOAJr or i9oe 

Issued Fcs. 80.000.000. Outstanding Fcs. 19.136,000. Interest April 
and October 6, in Paris and London, in francs and £ sterling. Repayable 
before 1949. by operation of %% sinking fund, either by purchase in the 
market or by annual drawings in the second week of August. Coupon 
bonds of 500 fcs. 

Issued at 96 and secured by all duties derived from exports and by 
all other ordinary and extraordinary revenues of the State. The Interest 
of this loan including the coupon due October 6. 1914. has not been paid. 

BSn»ZTO-8A«TO (BTATB) BZTBBHA3b 5% IkOABT OF 1919 

Issued and outstanding Fcs. 24,960,000. Interest June 80 and Decem- 
ber SI, free of all Bi^^slllan taxes, present and future, at Banque Francaise 

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KIMBER'S RECORD OF GOVERNMENT DBBT8 

et Italienne pour rAmarique du Sud, Paris. Repayable at par before 1978 
by half-yearly drawings befflnningr in 1924. Coupon bonds of 82<^ Fc% 



Secured on all of the resources of the State and also upon all taxes 
from the transfer of property. 

Created in December. 1919, to replace the obligations of the Banque 
Hypothecaire et Agrtcole de I'Etat d'EsplHto Santo, which was acquired 
by the State. 

State of Maranhao 

Maranhao (or Maranham) is one of the northern Atlantic States of 
Brasil. adjoining Para. Area, 177,669 square miles, highly fertile, climate 
hot. Chief products are cotton, rice, sugar, tobacco, but none of them 
in important quantities. Forest wealth is large, but little worked. 
Population in 1921 was 882,000. Capital and chief city is Sao Luis. 

Values of merchandise imported into the State in recent years were: 
in 1915, £258.900; 1916, £268,605; 1917. £889.777; 1918. £806.287; 1919, 
£866,669. 

Values of exports, chiefly agricultural products: in 1916, £521.882; 1916, 
£586.473: 1917. £693.713; 1918, £698,226; 1919. £1.484,100; 1920, £1,816,771. 



(8TATB) BXmurJLli 5% ftOAV 07 If 10 

Issued and outstanding (Fes. 20.000,000). Interest payable January 
and July 1, free of all existing French taxes and from all present and 
future Brazilian taxes at the Banque Argentine et Francaise, Parts. Re- 
payable at par from 1916 to 1942 by annual drawings in December. 
Coupon bonds of 600 fcs. 

Secured by the general resources of the State and more especially 
upon the revenues from taxes on industries and professions, manufaetures, 
exports and funds derived from the operation of the sewage systems. 

Issued under laws of October, 1906, April, 1907 and April, 1910, to 
provide public works for Sao Luis and to refund floating debt. 

Mote— Amortisation of this loan has been postponed to begin in 1928, 
but the State has made payment interest regularly. Dtiring 1916-and 1916 
the funds required for interest on this loan were deposited in the London 
and River Plate Bank. Brazil, but owing to the disturbances caused by 
the war, were not remitted to Paris in time to pay coupons on their 
due dates. Full remittance was made October 2, 1916, covering interest 
due July, 1915, January and July, 1916 and January, 1917 (all arrears). 
All subsequent payments have been made with entire punctuality (March 
1. 1922). 

State of Matto Qrosso 

One of the inland States of Brazil, north of Paraguay and south of 
Amazonas and Para, It is directly east of Bolivia. Area, 582,870 square 
miles, the second largest State in the Union. The resources of lCat;to 
OroBso are practically undeveloped, owing to its Isolated situation, the 
cost of transporiation and the small population. (Thief industry is cattle 
raising, and the chief exports hides and wool. Population In 1921 uras 
about 240.000 whites; no estimate of Indian population has been made. 
Ca.|)ltal and chief city is Cuy aba. .. . 

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• BRAZIL 

Values of merchandise Imported Into the State In recent years were: 
In 1916» £125,970; 1916. £1S8»620; 1917. £164.246; 1918. £162.858; 1919. 
£210.926. 

.. yiaues of exports, chiefly hides and wool: In 1915. £266.209; 1916. 
£375.884; 1917. £492.750; 1918, £405,169; 1919. £392.911; 1920. £408.508. 

1EA.TTO CmOSSO (8TATB) 8% APOUOB8 
nitemal Pespetnal Aasolties 

Authorized by Law No. 297 of November 25. 1901. and by various other 
laws up to March 14, 1905. Issued to cover expenses connected with the 
suppression of the Revolt. Interest payable on January and July Ist and 
the principal redeemable at any time when the finances of the State permit. 
Outstanding about Rs. 2.137.100. 



State of Minas Gteraes 

An Inland State of Brazil, the fifth In size and first In population, 
south of Goyaz and Bahla. north of Rio de Janeiro and Sao Paulo. Area. 
221.861 square miles, the northern part mountainous and well wooded, 
the southern area fertile and productive. Population in 1921 was 5.622.000. 
Capital is Bello Horlzonte; other Important cities are Ouro Preto and 
Diamantlna. 

Mlnas Oeraes (i. e.. ''General Mines") Is rich in minerals. Manganese, 
topazes diamonds are exported; copper, gold and silver are mined In a 
small way; there are enormous deposits of iron, not yet worked. The 
State has a greater railroad mileage than any other in Brazil except 
Sao Paulo. Outside of the Federal District it leads in manufactures, 
having In 1921 some 552 establishments (sugar mills, tanneries, cheese 
and butter factories) employing a capital of 29.807,372 milreis. 

The chief production of the State is from agriculture and stock- 
raising. In coffeia it is second only to Sao Paulo; It also exports com. 
tobacco and cotton. In exports of cattle and meat products it is second 
only to Rio Orande do Sul. 

The finances of the State have greatly Improved in recent years. 
Revenues In 1920 were 56.189.066 milreis and expenditures 86.284.888. 
leaving a balance of 19.904,178 milreis. There was a substantial surplus 
also in 1919, though In 1918 a deficit of 2.012.598 milreis. 

External funded debt as of December 81, 1920 was 134,672.500 francs; 
Internal funded debt at same date 60.141.000 milreis. 



rA8 OfiBAB8 (8TATB) 6% BZTSBMAXi ZiOABT 07 1896 

Issued Fes. 65.000.000 and designed for public improvements and rail- 
way extension- Interest January and July 15th. Principal redeemable 
within thirty years commeneing 1899. exempt from Brazilian tai^es. Au- 
thorized by Law No. 187 of September 12. 1896. and issued by the Banque 
de Paris et des Pays Bas of Paris. 

Funding. — ^The State defaulted interest on its obligations In 1915 and 
created the 5^% Consolidation Loan of 1916 (described hereinafter) to 
fund principal and interest due during the three years from July 1. 1916 
QntH July 1. 1918. Inclusive. Such payments after July 1, 1915 and until 
Jtilyil, 1916. inclusive, were entirely by issues of the Consolidated Loans; 



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KIMBER'S RECORD OF GOVERNMENT DEBTS • 

after July 1, 1916 and until July 1, 1917, inclusive, payments were made 
% in cash and % in issues of the Consolidation Lioan; for the third year, 
the payments were effected H in cash and H in issue of the loan. 

All payments of interest and sinkinir fund were promptly met in 1910 
and 1921. 



MZNAB OB&AS8 (8TATS) 5% BZTBBVAXi ZiOABT OF 1907 

Issued Fes. 26.000,000. Outstanding Fes. 24,728,600. Interest March 
and September 15. Repayable in forty-one years by means of an annual 
sinkiner fund which should have commenced 1914. Free of all Brazilian 
taxes. Issued at 97 H for the development of aerriculture and the founda- 
tion of the A^rricultural Bank. The loan constitutes a second lien on 
the revenues of the State. 

Funding:. — See funding provisions above. 

All payments of interest and sinking fund were promptly met in 
1920 and 1921. 



MZNAS OfiBABS (8TATB) 4H% XiOABT 07 1910 

Issued and outstanding Fes. 120,000,000. Interest January and July 
1, free of all Brazilian taxe& Repayable by 1973, through annual drawings 
in December or by purchase at or below par. 

Created September 27, 1907, for conversion of the 6% loan of 1897, 
and for construction of public works. 

Funding. — See funding provisions above. 

All payments of interest and sinking fund were promptly made in 
1920 and 1921. 



WAM OfiBABS (8TATB) 4H% X^ABT OT 1911 

Issued and outstanding Fes. 60,000,000. Interest June and December 
16, free of all present and future Brazilian taxes and all existing French 
taxes. Repayable by 1974. through annual drawings in May or by 
purchase at or below par. 

Secured by all of the resources of the State and more especially by 
municipal revenues. 

Issued under the decree of September and October, 1910, to facilitate 
the execution of public works in the principal cities. 

Funding. — See funding provisions above. 

All payments of interest and sinking fund were promptly met in 
1920 and 1921. 



WAB d-BRASS (8TATS) PSBTBTXTAXi AnUZTZSS (AF0X20BS) 

The perpetual annuities of the State were issued from time to time 
from June, 1876, up to April 6, 1906. They bear interest at five and six 
per cent, and are in the denomination of Rs. 1,000, Rs. 600 and Rs. 200. 

Amount outstanding 60.141.200 milreis. 

Funding. — See funding provisions above. 

Interest payments were promptly met in 1920 and 1921. 



MZNAS OBBAB8 (8TATB) 6H% 00V80UDATZ0V I^ABT OT 1916 

Issued and outstanding Fes. 20,979,000. Interest June and December 
16. Issued by the State for the consolidation of loans, including three 



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BRAZIL 

coupons dae September, 1916, March, 1916, and September, 1916, of the 
6% Bonds of the Manicipality of Bello Horlzonte. Redeemable at par by 
drawinsrs in 25 years commenclnsr from December 15, 1918, the Ooyem- 
ment reservingr the right to anticipate the redemption, at par, at any time. 
Coupon bonds, in denomination of fcs. 250, exempt from all present or 
future Brazilian taxes. Secured by a charge on the revenues derived from 
export tax on coffee. Principal and interest payable at the office of the 
Agents, Bauer Marchal et Cie, Paris. 

All payments of interest and sinking fund were promptly met in 1920 
and 1921. 



Bello Horizonte, City 

Bello Horlzonte (or Minas), capital of the State of Minas Geraes, 
situated on the River Arrudas, about 3000 feet above sea level. It has 
electric tramways, lighting, etc. and some Important textile and other 
manufactures. Bello Horlzonte is a modem city, considered one of the 
most attractive in Brazil. Population in 1921 about 50,000. 

BBIAO KOBZSOVTE (OZTT) 6s 07 1906 

Authorized and issued £225,000. Outstanding £142,080. Interest March 
31 and September 80 in sterling in London by the Anglo-South American 
Bank, also in Amsterdam. Issued by the Banco de Tarapaca at 97 and 
98^. Redeemable in 28 years by an accumulative sinking fund of 1% 
from fourth to eighth year, 2% until eighteenth year and 3% to extinc- 
tion, such sinking fund to be applied to half yearly drawings or purchase. 
Bonds drawn are to be paid off in the same month. Specifically secured on 
telephone, lighting and house revenue, and guaranteed by the State of 
Minas Oeraes. 

Coupons due September, 1914, were paid in cash January, 1916, coupons 
due March 31, 1915, paid June, 1915. Coupons due September, 1916 and 
March and September, 1916, funded into 5% Consolidation Bonds (1916) 
of the State of Minas Oeraes. 

State of Para 

One of the northern States of Brazil, and the third largest, having 
an area of 443,922 square miles. The river Amazon flows through the 
center of it. Para lies directly under the equator, and the climate is 
therefore tropical. Chief product is rubber, of which its output is second 
only to that of Amazonas, and this is practically its only product. 
Formerly the State produced sugar, cotton, rice, tobacco and cocoa, for 
which It is well suited, but cultivation of the soil has been largely 
abandoned. 

Para has no manufactures of importance and practically no railway& 
Its immense area hold great resources of every description — ^forest, 
mineral, grazing land, etc., but these have never been developed. Popula- 
tion in 1921 was about 1,025,000, most of it concentrated at widely 
separated points on the coast and navigrable rivers. Capital and chief 
city is Para (or Belem). 

Values of merchandise Imported into the State in recent years were: 



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KIMBER'S RECORD OF QOVBRNMBNT DEBTS 

In 1915. ihUZM9; 1916, £1.808.191; 1917, £1.808,214; 1918, £1,408,006; 1919. 
£1,826.069. 

Values of exports, chiefly mbber: in 1915. £8.617,788; 1916, £8,909,906; 
1917, £4,176,790; 1918. £8.286.088; 1919. £4.569,578, 1920, £8,068.024. 

PABJL (flTTATB) 6s OF 1901-8 

Aathorized and issued £1,460,000. Outstanding £1,824,800. Denomina- 
tions £20 to £1,000. To be redeemed by 1962 throusrh operation of %% 
sinklnfiT fund by drawingrs or purchase commencinsr 1908. Oovemment to- 
serves the right to redeem at par after 20 years from January 1, 1902. 
Interest in sterling January and July 1, free of State taxes. Issued in 
Liondon by Seligman Bros, at 88 and secured by general revenues of the 
State. The war caused postponement of sinking fund payments until end 
of 1918. Interest pasrments were made during part of the war period in 
6% funding bonds at 115%. 

Default — No payment of interest was made on these bonds in 1921. 

PAmA (BTATB) 5s OP 1907 

Issued, £660,000. Outstanding £591,000. Denominations £20, £100 and £800. 
Operation of 1% cumulative sinking fund, was to have been redeemed by 
drawings or purchase by 1946. Interest in sterling January and July 1. 
Free of federal and state taxes. Issued In London by Sellgman Bros, at 
87 and secured by a special hypothecation of the export duties as well as 
a charge on the general revenues of the State, including the state rail- 
ways and waterworks, subject to the £79,425 for the service of the loan 
of 1901. The war caused postponement of sinking fund payments till 
end of 1918. Interest payments were made during part of the war 
period in 6% funding bonds at 110%. 

Default — No payment of interest was made on these bonds in 1921. 

PABJL (8TATB) 5% PTOIIZVO ZiOABT OF 1915 

Issued. £986.420. Interest January and July 1 at London in sterling. 
The loan Is repayable on or before January 1, 1966, by a cumulative sink- 
ing fund of m%. commencing January 1, 1926. 

Authorized £1.070,000. Created by Law of October 15, 1916 for funding 
interest due on loans of 1901, 1907 and 1910 (the 1910 loan has since been 
paid off), from July 1, 1915 to January 1, 1919. inclusive, and for issue 
in exchange for about £600.000 Treasury Bills. The law decrees thsift not 
less than 45% of all export duties shall fofthwlth be collected by means 
of stamps (values) which will only be procurable from the Banco Com- 
mercial de Para. After December 31, 1918, the proceeds of such stamps 
to be transferred weekly to the agents for the loans and will be devoted 
to the service of the 1901 and 1907 loans, and the Funding Loan, In thUt 
order, and the creation of a Reserve Fund of £150,000. The State con- 
tracted to make half-yearly these payments; viz.. during 1916, £800 per 
week; during 1917 £900 per week; during 1918, £1,000 per week, during 
the years 1919-1925, £1,100 per week, and thereafter £1,850 per week. 
The State also contracted to appropriate for the service of the loan: 
(a) the gross receipts of the abattoirs: (b) 50% of the gross taxes on 
alcohol and tobacco; and (c) the revenues of the State charged to the 
1901 and 1907 loans, subject however, to the charges created to secure 
the bonds of the loans of 1901 and 1907 respectively. Coupons due on the 



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BRAZIL ' 

1901 and 1907 loans were exchanged for Fundinsr Bonds on these bases: 
▼is.: £116 fpr each £100 or 1901 loan; £110 for each £100 of 1907 loan. 
, Default — ^No payment of interest was made on these bonds In 1921. 



Para, City 



Para (officially known as Belem)» capital of the State of Para and 
its chief city and seaport. It is the terminal of the only railway in the 
Sta^te^ which runs 112 miles northeast to Bras^anca. The City is cut 
rigrht out of the jungle, and its streets usually end at the edge of the 
forest, there are no suburbs. 

Pajca is the chief commercial city of northern Brazil, headquarters of 
the fleet of steamers which ply upon the Amazon as far as the Peruvian 
frontier. Para has a fine harbor, modem in every way, and a port of 
call for transatlantic steamers. Its chief business is the export of rubber 
and import of supplies for the people of the Amazon valley, but this 
business has greatly declined in recent years. Value of imports through 
the port in 1912 was 116,881.878; in 1918, 118.927,110; In 1919. 17,747,826; 
in 1920, |7,664,8a7. Population in 1921 about 200,000. 



PABJL (OZTT 07) 6s 07 1906 

Authorized £1,000,000. Outstanding, £921.040. Interest January and 
July 1 at London in sterling and at Paris in francs; also in Para. De- 
nominations £20, £100, £600. Bonds have also their value in francs ex- 
presiaed on them. Redeemable by a cumulative sinking fund of %% per 
annum, within 60 years from January 1, 1906, by purchase below par, or " 
drawings at par (in October). Secured on all rent and license taxes, and 
in case these should be insufficient, on the general revenues of the city. 
Issued by the London and Brazilian Bank and the Ethelburga Syndicate, 
at 86. The municipality reserves the right to redeem the whole or pa>t 
at par at any time after 20 years upon six months notice. Free from 
niuniplpal taxes. No debt or loan contracted afterward is to rank prior 
to or equal with these bonds. Agents, London & Brazilian Bank, Ltd., 
7 Tokenhouse Yard, London, E. C. 

Funding. — Interest on these bonds due 1916 and subsequently, was 
funded. See Funding Loan of 1916. 

Default — Coupons due Jahuary 1, 1921 and since had not been paid 
am of MJarch 1, 1922. 



PA3IIA (OZTT or) 00 OF 

Authorized, £600,000. Outstanding, £666,000. Denominations £20 and 
£100. Bonds have also their value in francs expressed on them. Re- 
deemable by ^% sinking fund by January 1, 1968. by purchase below 
par, or drawings at par (in October). Interest January and July at 
London in sterling, at Brussels in francs, and at Para. Secured on the 
same revenues as the loan of 1906 but subject to the charges In favor of 
that loan. All payments are made free of municipal taxes. 

Funding. — Interest on these bonds due 1916 and subsequently, was 
funded. See Funding Loan of 1916. 

Default — Coupons due January 1, 1921, and since had not been paid 
as of March 1. 1922. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

PABJL (OZTT OF) 60 07 1912 

Authorized. £600,000. Outstandingr, £690,000. Interest Janaary and 
July 1 at London In sterling and at Brussels In francs. Denomination 
£20. The bonds have also their value In francs expressed on them. Re- 
deemable by >4% sinking fund within 60 years from January 1, 191S, 
by purchase below par, or drawlngrs at par (in October). Issued bsr the 
Ethelburga Syndicate. Coupons payable at the London and Brazilian 
Bank. Secured on the same revenues as the 1906 and 1906 loans but sub- 
ject to the charires in favor of those loans. 

All payments are made free of municipal taxes, and the municipality 
reserves the right to redeem the whole or part of the loan at par 
upon six months' notice. 

Funding:. — Interest on these bonds due 1916 and subsequently, was 
funded. See Funding* Loan of 1916. 

Default — Coupons due January 1, 1921, and since had not been paid 
as of March 1. 1922. 

7ABJL (OZTT 07) 6% TUVDZHCI- AOABT 07 1915 

Issued, £626,300. Interest January and July 1. Denominations £10, 
£20 and £100. Redeemable by a cumulative sinking fund of 1% per an- 
num, operative beginning January 1, 1922, by drawings at par, or pur- 
chase below par. The municipality reserves the right to redeem at any 
time the whole or any portion of the loan at par, on giving six months' 
notice. Principal and Interest payable In sterling In London at the 
Condon and Brazilian Bank, Ltd., and on the continent in currency at 
the exchange of the day. Secured by a first charge on taxes In oon- 
*nectlon with the drainage system, also general revenues of the munici- 
pality. 

Authorized, £886,000 for the purpose of funding unpaid coupons on the 
6% loans of 1906, 1906 and 1912, and for the purchase of the municipal 
drainage concession from the Municipality of Para Improvements, Ltd. 
Interest on the funding bonds issued in exchange for coupons of the 
above loans accrues from dates corresponding to the dates of maturity 
of the coupons so exchanged. 

Default — Coupons due January 1, 1921 and since had not been paid 
as of March 1. 1922. 

PAmA (OZTT OF) 6% TBBASVBT BZUUI 

Issued, £276,600. Interest January and July 1. Denominations £10 
(bearer). Issued in part payment of the coupons of the 1906, 1906 and 
1912 loans. These treasury bills are repayable July 1, 1929, and the 
municipality may redeem the whole or any portion at par with interest 
on three months* notice. Principal and interest payable in London in 
sterling by London and Brazilian Bank, and in other cities in currency 
at the exchange of the day on London. 

Interest on these bills accrues from the respective due dates of the 
coupons exchanged. 

Default — Coupons due January 1, 1921 and since had not been paid 
as of March 1, 1922. 



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BRAZIL. 

Port of Para 

A joint stock company, incorporated September, 1906 in the State of 
Maine, U. S. A., to develop and operate harbor and port works at the 
City of Para, under a concession granted by the Brazilian Government 
which expires December 81, 1973. Construction was completed in 1918. 
The Company has a monopoly of landing: and loading: merchandise at 
Para. Duringr the term of the concession, the works are exempt from 
the State and Municipal taxes and materials for construction and opera- 
tion are free of import duties. 

The Brazilian Government has reserved the right to revise duties 
chargred by the Company after net profits on its recogrnized capital in- 
vested in the concession exceed 12 per cent., and at the expiration of 
the concession the entire property reverts to the Brazilian Government 
without consideration. The Brazilian Government further has the right 
to purchase the property at any time on and after January 1, 1928, pay- 
ing therefore the cost of the construction in 8 per cent, gold bonds of 
the Government of Brazil. The Government levies a special tax of 2 per 
cent, in gold values upon the total imports into the Port of Para, 
and gruarantees to pay interest at 6 per cent, per annum on the cost of 
the works should the net revenue of the Company, after an allowance 
of 40 per cent, for operating expenses, at any time be insufflcient. 

Owing to disturbances caused by the European War, the Company 
was placed in the hands of receivers in March, 1915, and on December 1, 
1920, the receivership was terminated without foreclosure or sale, the 
property being returned to its directors. All arrears of interest and 
sinking fund on the bond issues described below were paid during 1920. 
The Company has outstanding |13«000,000 in common stock and $10,500,000 
in 6 per cent, non-cumulative participating preferred stock. 

POST or PARA SO-TSAS SH** 1907-57 
(Pint BlTiston Bonds, Sterling Issue) 

Issued £8,600,000. Outstanding £8,898,000. Dated January 1, 1907. 
Due January 1, 1957. Interest March and September 1. All payments 
at the Bank of Scotland, London, in sterling only. Redeemable at par 
through sinking fund by January 1, 1957; at 105 at any time after 
January 1, 1917 upon six months* notice, or in the event of liquidation 
or amalgamation. Provision is made for a sinking fund (see note) to 
be applied by drawings at 106 or by purchase at or under 105. Interest 
is free from all American or Brazilian taxes. Denominations: coupon 
and registered of £20 and £100, interchangeable. 

Secured by trust deeds dated November 16, 1906, June 10, 1908 and 
May 16, 1920 to the National Trust Co. Ltd., Toronto, as a specific charge 
on the Government guarantee (see above) and on all the works, plant, 
fixtures, and other assets constituting the first division of the first 
section of the Port as described In the concession. 

Vote: Interest was originally 5% and sinking fund %% per annum 
cumulative. By resolution adopted in 1920 at a meeting of the bond- 
holders, interest was increased to 5%% and sinking fund augmented by 
the interest on £200.000 Brazilian Government funding bonds of 1914. 
Principal and interest were originally payable at fixed exchange in 
sterling, French francs, Belgian francs, Swiss francs, Dutch Plorins and 
United States dollars, but by the same resolution the bondholders agreed 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

that interest thereafter should be paid only in sterling^, or outside of 
Great Britain at the average rate of exchangre on LK>ndon for the ten 
days precedlngr date of payment. 

POST or PABA iBt 60-YEAJt aOZJ> 5s, 1909<6a 
(Seoond BlTlsioii Bonds, Praao Immui^) 

Authorized £6.000,000. Issued and outstandingr 94,000.000 franca 
(£3.736,089). Dated March 1. 1909. Due March 1. 1969. Interest March 
1 and September 1, payable in francs at Paris and at Empire Trust Co. 
New Tork, Trustee. Redeemable througrh sinking fund at par March 1, 
1969; at 102 at any time upon six months' notice; or In the event of 
liquidation or amalgamation. Provision is made for a sinking- fund (see 
note) to be applied by drawings at par or by purchase at or under par. 
Denominations: coupon and registered. 600 francs. 

Secured by trust deeds, dated March 1, 1909, and Biay 16, 1920, to the 
Empire Trust Co., New Tork, sus a first specific charge on all wharves, 
piers, docks, basins, warehouses, and other works constituting the second 
division of the first section, and on all assets acquired with the bonds or 
their proceeds, and as a second specific charge on the first division works 
and on the Ctovernment guarantee. 

Vote. — Sinking fund was originally % % per annum, cumulative, but by 
resolution of the bondholders in 1920 and agreement with the Company 
was augmented by the income from the interest of £200,000 Brazilian 
(Government 6% funding bonds of 1914, which was assigned to the service 
of this issue. 

State of Parana 

One of the southern Atlantic States of Brazil, north of Santa Catharlna. 
south of Sao Paulo. Area, 98,269 square miles, the interior a high plateau, 
the coastal region thickly wooded and swampy. The chief product is herva 
matte, or yerba matte (Brazilian tea); other products are cereals, cotton, 
tobacco, cattle and pine lumber. In exports of yerba matte and lumber 
it leads all the other States of Brazil. Parana is well served by railroads 
and has some important industries, including flour mills, saw mills, 
breweries, potteries, etc., the number of establishments in 1921 being 802, 
employing a capital of 21,162,000 mllreis. Population, 661,000. Capital and 
chief city is CTurityba, an Inland city of about 60,000. 

Values of merchandise imported into the State in recent years were: in 
1916, £278,072; 1916, £408,044; 1917, £896.686; 1918. £384,210; 1919, £782.312. 

Values of exports, chiefly agricultural products: in 1916, £1.788,202; 
1916. £1.782,076; 1917, £1.486.521; 1918, £1.968.765; 1919. £2,602,861; 
1920, £2,617.168. 

Revenues of the State for the flscal year ending June 80, 1920, were 
11.692,886 mllreis plus extraordinary receipts from the Federal (Govern- 
ment of 824.298 mllreis for highway construction, total 11,917,184 milrels. 
Expenditures were 13,716.686 mllreis, including 8.196.866 milrels for the 
service of the public debt. Deficit was 1.799.402 mllreis, which compared 
with a deficit of 3.661.762 mllreis for the preceding year. 

The consolidated debt as of June 30, 1920, is reported as 51,166,762 
milrels, and the fioatlng debt 6,678,809 mllreis. All payments of Interest 
and sinking fund in respect of the three bond issues described below have 
been promptly made. 

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BRAZIL 

PAmAJTA (8TATZ) 6% JbOAJK OF 1906 

Issued £800,000 (Fes. 20,000,000) . outstandin«r £686,820. Interest April 
and October 1, free of all present and future Brazilian taxes, payable In 
London In £ sterllnflr and In Paris, In francs, at the exchangre of the day 
on London. Repayable before 1966 by purchase at or below par througrh 
operation -of H% sinking' fund or by annual drawlngrs at par. Coupon 
bonds of £20, Fes. 600 and £100, Fes. 2,600. Secured on export duties. 
Created In 1906, and issued by the Ethelburgra Syndicate at 88. 

Payments made at Banque Privee Lyon-Marsellle and the Comptolr 
National d'Escompte de Paris. 



TAMMJKA (8TATB) BXTSBVA^ 5% &OAV OF 1913 

Issued £1,400,000 (Fes. 86,860.000), outstandlngr £1.121,680. Authorised 
£2,200,000 (Fes. 65,000.000). Interest April and October 1. Repayable at 
par before 1978, by annual drawings April or by purchase at or below 
par. Coupon bonds of £20. Fes. 606. 

Secured by the entire resources of the State, and especially by 
revenues derived from taxes on patents and exports, subject to an amount 
sufficient for the service of the loan of 1906. 

Created in 1912 to unify the debt of the State. 

PAJULVA (8TATZ) 6% FUVDZVO JbOAM OF 1916 

Issued and outstanding Fes. 6,768,466. Interest April and October 1. 
Repayable at par in 26 years beginning October 1, 1920, by drawings or 
by purchase at or below par. Coupon bonds of 262.60 francs each. 

Secured by excess of export duties, taxes on land, on industries and 
professions, on spirltous liquors, and on excess deposits for the loans 
of 1905 and 1908 

Issued In pasrment of interest on loans of 1906 and 1918. 

State of PemambucK) 

PemambQco Is one of the north Atlantic States of Brazil, south of 
Ceara and north of Alagoas and Bahla. Area, 49,678 square miles, mostly 
a high Inland plateau with narrow coastal plain. The interior is stony 
and dry; the coast region and the slopes back of it extremely fertile. 
The chief product is sugar, in the export of which Pernambuco is first in 
Brazil; in cotton it is second only to Sao Paulo; other important producU 
are hides and skins, tobacco and coffee. The State has one important 
Une of railway and 126 industrial establishments (shoes, cotton textiles, 
chocolate, hats, etci) employing a capital of 60,229,000 milreis. Population, 
2,025,000. Capital and chief city is Pernambuco (officially known as 
Recife). 

State revenues and expenditures for recent years have been as follows: 
(in milreis paper) 
Fiscal Year Revenues Expenditures 

1921-22^ 26,907,308 26,899.962 

1920-21^ 19,967.100 19,748,702 

1919-20 26,076.868 26,878,866 

1918-19 21,086,188 21,748,770 

1917-18 18,997,847 21.766,116 

^Budget estimates. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Financially the State of Pernambuco is reported to be in excellent con- 
dition, the balance on hand from excess of revenues over expenditures 
being about 10,000,000 milreis in November, 1921. 

Values of merchandise imported into the State In recent years were: 
in 1915. £2.063.138; 1916. £2.466.536; 1917. £3,472.738; 1918, £8,772,008; 
1919, £5.985.696. 

Values of exports, chiefly sugar and cotton: in 1916, £1.177.672; 1916, 
£1.272.008; 1917, £2.926.809; 1918, £4,897,942; 1919. £8,724.424; 1920, 
£6.806,169. 

PBBVAMBVOO (8TATB) 5% TO 7% AP0Z20S8 
Perpetual AnniiltleB 

Issued, Milreis 89,627,600. — Issued at various times since 1873, in aid 
of Railway surveys, sugar factories, deficits, and for other purposes. In- 
terest is payable in currency Jan. and July 1. Redeemable by purchase 
in the market when the State is in funds. 

Outstanding 20.727.600 milreis. 



FEBVAMBVOO (STATB) 5s OF 1904-5 

Issued Fes. 26,000,000. Outstanding Fes. 4.700.000. Redeemable in 
1942 by operation of 1% sinking fund by drawings or purchase at or 
below par. Coupon bonds of £20. Fes. 600. Interest January and July in 
francs, in Paris Brussels and Antwerp. Issued by Basehwitz & Co., Brus- 
sels, at 92. Secured by first charge upon export duties and on the revenues 
of the state. Free of Brazilian taxes. 

FEBNAMBUCO (STATE) 6s OF 1909 

Issued Fes. 87,500.000 (£1.500,000). Outstanding Fes. 29.783.500. Coupon 
bonds of 500 francs. Interest June 15 and Dec. 16 in francs at the Banque 
Privee. Lyons and Marseilles. Issued by them at 93. Principal repayable 
at par through cumulative sinking fund of 1% per annum operating by 
purchase or drawings. Secured by a second charge on the revenues of 
the state and on patent and house tax and revenues on drainage and 
sewer systems. Free of all Brazilian taxes, present and future. 



Pernambuco, City (Recife) 



Capital and chief city of the State of Pernambuco. and the third largest 
seaport of Brazil. It has a well equipped harbor and is an important rail- 
way terminal. Recife is a busy commercial center, and has a number of 
large industries. Population in 1921 about 200,000. 

Imports and exports in metric tons at the port of Recife show an 
increase since 1916 of about 70 per cent. In 1916 imports amounted to 
162,678 metric tons and exports to 48,990 tons. In 1920 imports had 
increased to 223.461 tons and exports to 87,497. For Brazil, as a whole, 
exports were 2.101.000 metric tons and imports 3.276.000 metric tons. 
Imports at Pernambuco were between two and three times as large in 
volume as exports, indicating that Pernambuco functions more as a dis- 
tributing point for imports than as a shipping point for exports. 

Great quantities of imported codfish, flour, case oil, textiles and mis- 
cellaneous goods are reshipped coastwise. In addition, sugar, cotton, corn. 



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BRAZIL 



textiles, srunpowder, preserved fruits, etc, of local production are shipped 
to other Brazilian ports. 



rAMBVOO (CXT7) 6% SZTB&ITA]; XkOAV OF 1910 

Authorized £400.000. Outstanding £367,620. Interest payable May and 
November 1. Denominations £20 and £100. Secured by a ilrst charge on 
revenues of markets of Boa Vista and Sao Jose and the slaughter-houses 
of Cabanga and Arrayal. Sinking fund of %% per annum commenced 
1911, to be applied to purchase under par or to drawings at or above par 
(April) to redeem loan by 1960. The city undertakes to pay to the agents 
£22,000 annually for the service of the loan, in equal monthly instalments. 
Loan may be redeemed at par any time on six months' notice. Uncondi- 
tionally guaranteed principal and interest by State of Pemambuco. Free 
of all Brazilian taxes. Payments made in London by Dunn, Fisher & Co., 
in sterling. Also in Brussels and Berlin at the exchange of the day on 
London. 

Coupons due November 1, 1914, were not paid until January 18, 1915. 

Coupons due May 1, 1916, and since have been paid at due dates. 

Offered In London 1910 at 93%. Part of the proceeds of this loan 
were used to retire the then outstanding £172,000 internal debt. 

State of Rio de Janeiro 

The State of Rio de Janeiro, which is entirely distinct from the Federal 
District of the same name, is a maritime State east of Sao Paulo and 
south of Mlnas Oeraes. Area, 26,635 square miles, the interior moun- 
tainous and heavily wooded, with a fertile coastal plain. Chief products 
are cattle, cotton, coffee, sugar and com. Mineral wealth of many kinds 
is under development, including iron, lime and granite. The State is 
covered by a net-work of railroads and has some Important industries, 
the number of establishments in 1921 being 248 and employing a capital 
of 86,830,457 milreis. Population about 1,600,000. Capital and chief city 
is Nlctheroy. The City of Rio de Janeiro is not a part of the State. 
State revenues and expenditures for recent years were: 
(in milreis paper) 
Year Revenues Expenditures 

1920 21,481,119 28,567,437 

1919 23,702,438 17,893,912 

1918 16.056,724 15,872,546 

1917 15.549,517 14,404,477 

1916 17.192,271 17,138,842 

During 1920, 8,345,876 milreis was expended in public works. 
The revenues of the State are derived chiefly from export taxes. In 
1920 coffee yielding 4,294,370 milreis plus a surtax of 1,048,308 milreis; 
sugar tax in 1920 yielded 2,079,993 and a surtax of 1,990,940 milreis. Direct 
and Indirect internal taxes yielded 6.574.844 milreis. 

Values of merchandise imported into the State in recent years were: 
in 1915, £12,598,660; 1916, £17,836.260; 1917, £19,382.287; 1918, £24.588,987; 

1919, £83.994,185. 

Values of exports, chiefly agricultural products: in 1915. £9,119,688; 
1916. £9,804,908; 1917. £14,171,346; 1918, £13.444.369; 1919, £21,045,894; 

1920, £15.698.391. 

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KIMBER'S REX^ORD OF GOVERNMENT DEBTS 

The State debt as of December 31. 1920. was: External Funded, 48,- 
696,700 inllreis; Internal Funded. 22,282.600 milreis; Internal Floating Debt, 
3.308.416 milreis; Total Debt. 69.186.616 milreis (paper). During 1920 th« 
external debt was amortized by 284.700 milreis and the internal debt by 
496,200 milreis. 

BIO BB JABBimO (8TATB) 4%, 5% and 6% APO&ZOBS 
(Psipetiud AnnnltiMi) 

The 6s were issued under authority of Law No. 668. Dec. 19, 1870, and 
October 12, 1873. Denominations Rs. 600. Interest payable January and 
July 1 at Rio de Janeiro. Outstanding Rs. 9,000,000. The 6s were issued 
under authority of Law No. 166, of November 16, 1894, and October 26, 
1898. Denominations Rs. 1,000. Outstanding Rs. 800,000. Interest payable 
January and July 1 at Rio de Janeiro. The 4s are in denominations of Rs. 
100. outstanding Rs. 12.982.600. 

BIO BB JABBZBO (8TATB) 6s OF 1912 

Issued £3,000,000. Outstanding £2,906,400. Denominations £20, £100, 
£200. Interest April and October 1. Redeemable by 1966 through operation 
of % % sinking fund, by drawings at par, beginning October 1, 1916. Pay- 
ments are made at London in sterling at Lloyds Bank, 8. Montagu & Co. 
and Boulton Bros., also in Paris, free of all present and future Brazilian 
taxes. Secured by general revenues of the state and 2^% ad valorem tax 
on sugar, and on property tax on the city of Nictheroy. This loan is the 
only external indebtedness of the State, and the State undertakes not to 
issue any further loans until 60% of this issue has been redeemed. The 
State may accelerate the sinking fund or redeem the loan at par on six 
months' notice. 

Offered for subscription in London and in Paris in 1912 at 96H%* 



Rio de Janeiro, City 



The city of Rio de Janeiro, capital of Brazil, is the second largest city 
In South America. It lies at the south end of the Bay of Rio, called by 
many the finest harbor in the world. Rio itself is called the cleanest city 
in the world. It is not a crowded city, like Paris, for with only one- 
fourth the population of Paris, it occupies twice the space. The city is 
beautiful in itself, and every effort since its earliest settlement by the 
Portuguese, during the Empire and even more actively within the past 
ten years, has been given to enhancing Its artistic character. The Avenida 
Rio Branco, a mile long from north to south through the heart of the 
city, is a splendid thoroughfare, lined with massive buildings of a public 
or private or commercial nature. Population in 1921 was about 1.260,000. 

The Federal District of Brazil, which includes the city of Rio de 
Janeiro, is comparable to the District of Columbia in the United States. 
The Federal District is administered by a council elected by the citizens 
of the District, the municipal executive authority being exercised by a 
Prefect appointed for four years by the President of the Republic 

Rio de Janeiro is the terminal of an extensive system of railways, and 
is the chief seaport of Brazil, handling approximately 40% of the total 
imports and exports of the Republic The harbor is of the most modern 
construction and equipment The city is also an important industrial 



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BRAZIL 

center, having' in 1921 some 896 manufacturing' plants employing a capital 
of 188.442,269 mllreis. 

Value of imports through Rio de Janeiro is given by the U. 8. Consul 
General as: in 1912. $120,160,691; in 191S, $126,967,809; in 1916, $86,922,147; 
in 1919, $146,304,266; in 1920. $208,193,668. 

The total funded debt of the city outstanding on December 31, 1920* 
was $49,423,300. of which $24,832,700 was external (these figures in U. 8. 
currehcy at par of exchange). The city has always met the principal 
and interest of its funded debt in cash. Revenues of the city are chiefiy 
derived from taxes on real property, licenses, vehicles, cattle, etc. The 
revenue of the city, at exchange rates then current, was approximately 
$11,000,000 in 19X8 and $13,000,000 in 1920. 

mZO BB JAVXIBO (OXTT OF) 4fl OF 1889. 

Issued £662.600. Outstanding £247.000. Denominations. £100 each. In- 
terest February and August in sterling. Principal payable in forty-one 
years by 1% sinking fund applied to drawings at par annually in June, 
to retire issue by 1930. Sinking Fund may be Increased on six months^ 
notice. Payments made by Seligman Brothers in London. This loan is 
guaranteed by the Federal Government and is specially secured on the 
revenues derived from the public market and slaughter house and the 
Maua warehouse. Issued in London at 87^ by Chaplin. Milnes, Orenfell 
& Co. 

BIO BB JABBIBO FBBBBJJb BZ8TBZCT 5% &OAV-1904 

Issued £4.000.000. Outstanding £3,608,020. Interest April and Octo* 
ber 1. Denominations £20. Redeemable in fifty years by cumulative sink- 
ing fund of H% applied to drawings at par or purchase below par. Re- 
deemable as a whole on six months' notice. Payments made by Seligman 
Brothers in London 'in sterling free of all Brazilian taxes. The revenues 
from property tax are assigned to the service of this issue. 

Coupons and drawn bonds are also payable in Switzerland, Holland, 
Portugal and Rio de Janeiro, at the exchange of the day on London. 

Entire issue offered to subscription in Rio de Janerio in April. 1904. 
at 86. and in February, 1906. Seligman Bros, disposed of £1,000.000 of 
these bonds in London at 87^. The proceeds of the issue were used 
for sanitation works of the city and to pay off certain internal loans. 



BIO BB JABBIBO CCTTT OF) 6% IBTBBBAlb CVBBEBCT &OAB, 1908 
Issued Rs. 30,000,000. Outstanding Rs. 26,691,000 paper. Interest April 
and October 1, at Rio de Janeiro only. Denominations. 200 milreis. Au- 
thorised under Law No. 1,069, of June 6» 1906. and issued at 96. Redeem- 
aSle in 60 years by operations of 1 H % cumulative sinking fund by annual 
drawings on October 1. Free of Brasilian taxes, and secured by a lien 
on residue of House Tax subject to prior existing charges. 

BIO BB JABBIBO FBBBBA]b BI8TBIOT 6b OF 1908 

Authorized and Issued £2.000,000. Outstanding £1.368.310. Denomina- 
tions £20. £60. £100. £600 and £1.000 each, with their value in marks, francs 
and guilders also expressed on them. Interest June and December at 
London in sterling and at Paris, Berlin and Amsterdam at 26.10 francs. 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

20.40 marks and 12.06 florins to the £ respectively. Redeemable at par hj 
drawings from cumulative sinking fund of 2% calc\ilated to redeem the 
entire loan within 26 years. Callable at par on six months' notice. Pay- 
ments made by Seligrman Bros., London, and in Germany & Holland. The 
revenues of the trades and professions tax are assigmed to this issue, and 
payment of principal and interest is also guaranteed by the Federal 
Government. 

Issued in 1909 by Seligman Brothers, London and the Dresdner Bank, 
Berlin, at 92. 

Vote^ — Coupons and drawn bonds bearing numbers of the German issue 
of the above loan are paid in London at the sterling amounts named 
thereon. 



BIO BS JAirSZBO (CZTT OF) 5% ZNTSBVA& &OAV, 1909 

Issued Rs. 4,000,000. Outstanding Rs. 2,000,000. Interest January and 
July 1 at Rio de Janeiro only. Redeemable at par by sinking fund of 1^% 
per annum. 



BIO BB JAHBZBO 5% &OAV OF 1909 
Benedictine Order Oold ^oan 

Issued and outstanding £800,000. Interest January and July 1. This 
loan was authorized by the Government of Brazil and by the general chap- 
ter of the Benedictine Order of Brazil, to provide funds for free educational 
purposes. Secured on lands and buildings with a stated valuation of 
£650,000. Sinking fund commenced 1916 to retire issue by 1959. Bonds 
may be retired as a whole on three months' notice at lOS. Free from all 
Brazilian taxes. Not a direct obligation of the municipality. Payments 
made in London at Lloyds Bank, Ltd., 72 Lombard St., EI C. 8. in sterling. 
Denominations coupon £20, £50 and £100. 



BZO BB JAHBZBO (OZTY OF) 4H% OOBSOBZDATZOir STEBI^ZVO 
BOAV OF 1912 

Authorized £10.000,000. Issued £10,000,000. Outstanding £2,229.960. 
Pledged under 6% Bonds of 1919, £7,600,000. Interest April and October 1. 
Principal and interest payable at Seligman Bros., London, and at Amster- 
dam, free of all Brazilian taxes. Denominations, £20, £100, £500 and £1,000. 
Redeemable by 1% accumulative sinking fund (calculated to redeem entire 
loan in thirty-nine years) by drawings at par (September). Sinking fund 
may be accelerated and whole loan may be redeemed at pcu*, on six months' 
notice any time after September, 1932. Specially secured by assignment of 
a portion of the House Tax. This issue will become a first charge thereon 
after the payment of the 5% bonds of 1904 and the 6% currency loan of 
1906. 

PayTnent of coupons and drawn bonds is made at London In sterling, 
and at Berlin, Paris and Amsterdam at fixed exchange of M.20.40, fcs. 25.10, 
fl. 12.06 to the £ respectively. 

Issued in London in 1912 by Seligman Brothers at 92^ £600,000 sold 
in Holland. The purpose of this issue was to provide for redemption of 
6% loans of 1896-1900 to the amount of £869.000, for repayment of 
£686.000 floating debt, and for various municipal improvements. 



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BRAZIL. 

mzo Bs jAirszBO (oxtt of) e% nrrBrnvA^ koav i914 

Issued Rs. 20,000,000. Outstanding^ Rs. 18,500,000, paper. Interest 
March and September 1 at Rio De Janeiro only. Redeemable by sinking 
fund of H% per annum. 

BIO 9S JAHSZBO (OZTT OF) 6% ZVTSSVAZi JbOAM OF 1917 

Issued and outstandinsr Rs. 26,000,000. Interest April and October 1 at 
Rio De Janeiro only. Redeemable by ^% sinking fund. 

BIO BB JABBZBO (COTT OF) 6% 8BBZA3b BOMBS OF 1919 
ABMrloaa Ziisa*. 

Provision for retirement of these bonds was made under the issue of 
the External 8% Secured Bonds of 1922-1947, as described below. 

BIO BB JABBZBO (FEBBBAIk BI8TBZOT) aS-YEAJt 8% BOMBS 1921-1946 
American Issue 

Issued and outstanding^ $12,000,000. Dated October 1, 1921. Due Octo- 
ber 1, 1946. Interest April and October 1. Principal and interest payable 
in New York City in U. S. grold coin at Dillon, Read and Co., free of all 
Brazilian taxes, present and future. Denominations, coupon $600 and 
$1,000, registerable as to principal. 

These bonds are not callable until October 1, 1931, on which date and 
on any Interest date thereafter the issue may be called in whole or in 
part on 6 months' notice at 105 and interest. A sinkingr fund sufficient 
to buy $240,000 principal amount of bonds semi-annually is provided, 
which payments will be applied by Dillon, Read and Co. to the purchase 
of bonds in the market if obtainable at or below 105 and accrued interest. 
Unexpended balance at the end of each six months reverts to the Federal 
District. 

Specially secured by pledge of the receipts from the Vehicles Tax, the 
Sanitary Tax, and the Imposto de Laudemios (a realty tax), and the equity 
in the Licenses Tax, Cattle Tax and Property Transmission Tax which 
last three taxes are subject to prior pledge. 

The proceeds of this issue were employed chiefly for permanent and 
revenue-producingr municipal improvements, including: the construction of 
a municipal slaughter house and the removal of Morro Castello (Castle 
Hill), a hill in the centre of the business section of the city. 

Offered October, 1921, by Dillon, Read and Co., Lice, Higginson and Co., 
Continental and Commercial Trust and Savings Bank and others, at 97% 
and interest, to yield about 8.20%. 

Mot«^ — ^The average annual return for 1919 and 1920 from all the taxes 
pledged as security for the above issue amounted to $2,615,630 with prior 
charges of $909,247. The receipts from the operation or rental of the 
municipal slaughter house to be constructed with part of the proceeds of 
this issue, will also be allocated to the service of this loan. 

BIO BB JAMBXBO (OXTT) BZTEBMAZi 8% SBOUBSB BOMBS 1923-1947 
Chianmt«ed by tlM Brasillaii Oovemment 



Issued and outstanding $13,000,000. Dated April 1, 1922. Due April 1, 
1947. Interest payable April and October 1. Principal and interest 
payable in U. S. gold, free of all Brazilian taxes at Blair & Co., Inc., 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

New York, flscal agents for the loan. Denominations, coupon |600 and 
11,000. 

Not redeemable except as a whole on any interest date from April 1, 
1924 to April 1. 1931. inclusive, at 110 and interest; redeemable thereafter 
as a whole or in part on any interest date at 105 and interest. 

The Loan Contract provides for the payment to the flscal agents of a 
sinking fund semi-annually, commencing October 1, 1981, each semi-annual 
payment to be sufficient to purchase or redeem 1/82 of the total Issue at 
not exceeding 105 and interest. All moneys thus paid to the flscal agents 
are to be applied to the purchase of the bonds at not exceeding 106 and 
interest, and if not so obtainable within the period set by the Lioan Con- 
tract are to be used to redeem Bonds at 105 and interest on the next 
interest date. 

A direct obligation of the City of Rio de Janeiro (Federal District of 
United States of Brazil) and speciflcally secured (upon redemption of the 
External Serial Dollar Loan of 1919) by deposit of £7,600,000 principal 
amount of 4%% Bonds of 1912, which, together with £2,500,000 of the 
same issue^ constitute a charge on the Imposto Predial (House Property 
Tax), the largest and most important source of revenue of the CJity. 

Guaranteed unconditionally as to principal, interest and sinking fund by 
the Federal Government of the United States of Brazil. 

Authorized and issued to refund the External Serial Dollar Loan of 
1919 ($10,000,000), the balance of the proceeds of this issue to be available 
for the purchase and cancellation of Internal Loans. 

Offered in April, 1922, by Blair & Co., Inc., J. & W. Seligman & Oow 
and others at 103 and interest. Bonds of the 6% external loan of 1919 
with all unmatured coupons attached accepted at par and Interest in pay- 
ment or in exchange for bonds of the new issue. 

Votew— The receipts from the Imposto Predial (House Property Tax) 
tax, are officially reported as follows: In 1919. 18.688,660 Kilreis; in 1920, 
19.629.202 Milrels; in 1921. 22.688.000 Mllreis. These amounts converted 
at the average rates of exchange for the respective years, after deducting 
prior charges similarly computed at the average rates of exchange, average 
approximately $2,100,00 per annum available for the security of the new 
loan. The receipts from the Imposto Predial for 1922 are officially esti- 
mated at 26,000.000 Milrels, or about 15% more than in 1921. 

State of Rio Grande do Norte 

One of the smaller States of Brazil, at the northeast comer of the 
continent, north of Parahyba and east of Ceara. CJhief products are salt, 
cotton and sugar. No industries of importance. Population in 1921 about 
525.000. Capital and chief city. Natal. 

Values of merchandise imported Into the State in recent years were; 
in 1915, £61,126; 1916, £66,987; 1917, £63,037; 1918, £84,458; 1919, £104,756. 

Values of exports chiefly agricultural products: in 1915, £67,977; 1916. 
£64.872; 1917. £93,799; 1918. £1.326; 1919, £101.059; 1920, £282,220. 

BZO aBAHDE BO VOBTS (8TATZ) BZTSBNAZi 6% &OAV OF 1910 

Issued Fes. 8,750,000 (£360,000). Outstanding Fes. 8.570,500. Interest 
March and September 1, free of all Brazilian taxes, present and future. 
Repayable at par before 1948 by annual drawings or by purchase at or 
below par. Coupon bonds of 600 francs gold. 

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BRAZIL 

Secured upon the entire resources of the State and more especially by 
1% tax on exportation of salt, 2% sewer taxes and navigation dues. Pay- 
ments at Banque Commerciale et Industrielle and others. 

State of Kio Grande do Sul 

Rio Grande do Sul is situated at the most southern part of Braxil, 
adjoining Uruguay. Area. 91,810 square miles, most of it a grassy plain 
devoted to stock raising, but with a large well-wooded area with im- 
portant agricultural development. Chief products are cattle, wheat, com, 
rice, tobacco and lumber. It is first among Brazilian States in exports of 
meat and meat products, hides, skins and wooL Mineral wealth is small, 
except coal, the output of which is growing rapidly. The State is well 
served by railroads, and has a comparatively large number of industrial 
establishments, chiefly packing houses, tanneries, etc. Population in 1921 
about 2,050.000. Capital is Porto Alegre; other important cities are 
Pelotas and Rio Grande. 

State revenues and expenditures for recent years were as follows: 
(in milreis paper) 
Tear Revenues Expenditures 

1922* 40,770.000 34,068,736 

1921* 34,300,000 31,509,279 

1920 37,488,801 26.182,116 

1919 32,461.366 28.069,545 

1918 27,426.000 32.876.222 

1917 24,868,904 19,259,401 

^Budget estimate. 

The external debt of the State consists of the bond issue described be- 
low, and fcs. 68,820,000 on account of contract with the Compagnie 
Francaise du Port de Rio Grande do Sul. The internal debt is approxi- 
mately 10,000,000 milreis. 

Values of merchandise imported into the State in recent years were: 
in 1915. £2,180,362; 1916, £2,573,596; 1917, £2,874.843; 1918. £4,269.587; 
1919, £6,609.968. 

Values of exports, chiefly agricultural products: in 1915, £1.800,680; 1916, 
£2,440.380; 1917, £4,866,670; 1918, £6.527.172; 1919, £8,187,998; 1920, £6,946,269. 

BIO OBAITDB BO SUIk (STATE) BZTEBirA& 25-TSAB 8% &OAV 1921- 

1M6 
ABiMlcaii Ziisiie 

Issued and outstanding. $10,000,000. Dated October 1, 1921. Due 
October 1, 1946, at 105. Interest April and October 1 at New York. etc. 
Principal repayable at 105 through sinking fund described below. Not 
callable as a whole or in part prior to October 1. 1931. Denominations, 
ooupon $500 and $1,000, registerable as to principal. 

After October 1, 1981. callable for the Sinking Fund or redeemable at 
the option of the State of Rio Grande do Sul, as a whole or as to the 
larger portion outstanding on October 1, 1931, on any interest date at 105 
and accrued interest. 

Principal, Sinking Fund, premium and interest payable in United States 
gold without deduction for any present or future Braslllan Government 
taxes, or any State or Municipal taxes, present or future, or the State of 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Rio Grande do Sul. Principal and interest payable at the office of Laden- 
burgr» Thalmann & Co., Fiscal Agrents, in New York, Interest also payable 
at the offices of Lee, His8>inson & Co., in New York. Boston and Chicago. 

As a Sinking: Fund the State of Rio Grande do Sul covenants to deposit 
1400,000 annually in quarterly payments until September 1, 1931, to be ap- 
plied to the purchase of the bonds in the open market at not exceeding 
106 and interest, and to add not exceedingr 120,000 annually as required 
from time to time to pay premium, if necessary, in purchasing bonds. 
After October 1, 1931, the State covenants to redeem by lot at 105 and 
interest on April 1 and October 1 of each year thereafter until maturity, 
one-thirtieth of the amount outstanding on October 1, 1981. Any bonds 
outstanding at maturity are to be paid at 106 and accrued interest. 

These Bonds are a direct and general obligation of the State of Rio 
Grande do Sul, and are specifically secured by a first hypothecation mort- 
gage or charge on all taxes imposed by the State on the transmission of 
property, on Inheritances and legacies and on the net annual revenues of 
the port of Porto Alegre. These taxes and revenues are estimated by the 
State to amount to over $1,220,000 per annum — ^the maximum annual re- 
quirement for interest and sinking fund of this issue — and the State 
agrees to mortgage such additional taxes or revenues as may be necessary 
to fulfill such requirement should the income from the taxes and the port 
revenues now mortgaged be insufficient therefor. 

Authorized and issued in accordance with Law 272, November 1. 1921. 
The proceeds of this issue were to be used for the improvement of trans- 
portation facilities of the State through construction in connection with 
the wharf work of Porto Alegre, channel improvements, the installation of 
equipment for coal properties, and for the retirement of funded debt of 
the State. 

Offered in November, 1921, by Lee, Higginson & Co. and Ladenburg. 
Thalmann & Co., at 99% and interest to yield over 8.10 per cent, on 
repayment at 105. 



Pelotas, City 

A city and seaport in the southern part of the State of Rio Grande do 
Sul. Its chief industry is the export of xarque, or Jerked beef. Pelotas 
is a handsome town, with electric lights, tramways and other modern im- 
provements. Population about 40,000. 

FEZiOTAS (OXTT) 5s OF 1911 

Authorized £600,000. Outstanding, £657.300. Denominations £20 and 
£100. Interest June 80 and December 81, at London in sterling and in 
Switzerland at the exchange of the day on London. Redeemable by 1962 
by means of an accumulative sinking fund applied to drawings (in June) 
at par or purchase below par, beginning June 30, 1912. The sinking 
fund may be accelerated on six months' notice. Unconditionally guar- 
anteed by the State of Rio Grande do Sul, both principal and interest. 
Secured by general revenues of the City and the house tax. Free of all 
municipal taxes; federal and state taxes to be borne by the municipality. 

Isfued by E. Erlanger & Swiss Bank Vereln at 95 H. 

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BRAZIL 



Porto Alegre, City 



Capital and' chief city of Bio Grande do Sul and one of the most im- 
portant seaports of Brazil. It is an important railway terminal, the sixth 
larerest city in Brazil, and the eleventh largest In South Amerfca. In- 
dustries in th6 City include operation of packing houses, exportation of 
hides, manufacture of textiles, drying and canning of fruits and vegetables 
and manufacture of tobacco products. Population in 1921, 222,000, of 
which 98% are of European descent. 

Revenues of the municipal government for the last twenty years have 
in every year shown a surplus over expenditures. There is no record of 
default on any funded debt obligation, either internal or external, of the 
City of Porto Alegre. 

Total debt as of March 1, 1922, 114,098,875. Of this debt, $5,605,246 
was issued for part of total $11,130,440 cost of revenue-producing prop- 
erties owned by City. Deducting outstanding debt Issued for owned 
revenue-producing properties, net debt is 18,698,130. Total City-owned 
properties, including revenue-producing properties, $15,271,468. Total prop- 
erty in the aty is valued at $131,064,000. 

(Conversions into U. S. dollars made at par of exchange.) 

PO»TO AUBOBB (OZTY) EZTSBNAZi 5% &OAV OF 1909 

Issued £600,000. Outstanding £496,800. Denominations £100 (bearer). 
Interest June 20 and December 20 at London in sterling and at the 
Rotterdamsche Bankvereenlging, Amsterdam, at the exchange of the day 
on London. Free of all Brazilian taxes. Redeemable within 85 years 
by a cumulative sinking fund applied to drawings (May) at par or pur- 
chase below par, commenced in 1910. C?ity may redeem loan at any time 
in whole or part, on six months' notice, by drawings at par and interest. 
Secured by entire house tax of the city as well as general revenues. 
Guaranteed principal and interest by the State of Rio Grande do SuL 
Proceeds of loan were used to retire maturing funded debt. Issued in 
London through Frederick J. Benson & Co. at 93%. Also in Amsterdam. 
Payments at the Bank of Liverpool and Martins. Ltd., 68 Lombard Street, 
E. C. 3. In sterling or in Amsterdam at the exchange of the day on London. 

VOBTO A&BaBE (OXTT) 8% EZTSBNAXi &OAV 1921-1961 

Issued and outstanding $3,500,000. Dated December 1, 1921. Due 
December 1, 1961, at 105. Not callable except for Sinking Fund. Interest 
June and December 1. Coupon bonds of $500 and $1,000, registerable as 
to principal. 

Principal. Sinking Fund, premium and interest payable in United States 
gold coin, without deduction for any taxes of the Brazilian Government, 
State of Rio Grande do Sul, or C?ity of Porto Alegre, present or future. 
Principal and interest payable at the office of Ladenburg, Thalmann & 
Company, Fiscal Agents, in New Tork, interest also payable at the offices 
of Lee, Higginson & Co., in New York, Boston and Chicago. 

The Cnty of Porto Alegre covenants to deposit a fixed annuity of 
$293,510.56 a year, payable in semi-annual instalments, to be used for the 
payment of interest and as a Sinking Fund for the redemption of Bonds 
through call by lot at 105 and Interest. The Sinking Fund Is sufficient to 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

retire the entire issue at 106 and interest by maturity. Any Bonds out- 
standing at maturity are to be paid at 105 and Interest. 

These Bonds are the direct and general obligation of the City. They 
are specifically secured by a first hypothecation mortgage or charge on all 
taxes Imposed by the City for the services of water, drainage and light. 
These taxes are estimated by the City, at exchange rates prevailing in 
1921, to amount to over $385,000 annually, equivalent to (ipproxlmately one 
and one-third times the requirement for Interest and Sinking Fund on 
these Bonds. Should the income from the taxes now mortgaged at any 
time be insufficient, the City agrees to mortgage such additional taxes or 
revenues as may be necessary to fulfill such requirement. 

The State of Rio Grande do Sul under Law 286 of December. 1921, 
unconditionally guarantees by endorsement the principal, sinking fund, 
premium and interest of these Bonds. 

The proceeds of this issue, authorized by Law No. 8 of November 28, 
1921, were to be applied to road construction, sanitation works, street 
lighting and redemption of funded debt. 

Offered In January, 1922. by Lee, Hlgginson & Co. and Ladenburg, 
Thalmann & Co., New York, at 99 and Interest to yield over 8.10 per cent. 

State of Santa Catharina 

Santa Catharina is one of the southern maritime States of Brasil, north 
of Rio Grande do Sul and south of Parana. Area, 28,688 square miles, 
comprising a densely wooded semi-tropical coastal region, mountainous 
slopes covered with forests, and a Planalto or table-land 8,000 t&et above 
sea level. Chief products are cattle, hogs, herva matte (Brasillan tea), 
corn, rice. lumt>er and sugar. Coal is mined, and iron, lead and zinc exist 
in appreciable quantities. 

The State is not well served by railways, and Improved transportation 
is its greatest need at present Population In 1921, about 684,000. Capital 
and chief city, Florianopolis, a seaport. 

Values of merchandise Imported into the State in recent years were: 
in 1916, £254.282; 1916, £812,631; 1917. £158,914; 1918, £222,990; 1919. 
£260.289. 

Values of exports, chiefiy cattle products, tea and lumber: in 1915, 
£240,552; 1916, £317,827; 1917, £548,688; 1918. £659.820; 1919, £987.607; 1920, 
£1,055,088. 

State revenues and expenditures in recent years were as follows: 
(in milreis paper) 

Year Revenues Expenditures 

1920 7.698,863 8,796,246 

1919 7.156.580 7,988,687 

1918 5.816,838 6,246,742 

1917 6,086.746 4.201.630 

1916 4,860.948 3,466,068 

Chief sources of revenue are export duties, and taxes on land, trans- 
fer of property, industries and professions, etc. 

The external debt consists of the two loans described below. Internal 
funded debt June 80, 1921, was 4,681,000 milreis internal floating debt 
2,072.039 milreis. 



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BRAZIL. 



SAHTA OATHABOTA (8TATZ) 6% BXTSNTAl^ &OAV OV 1900 

Issued £260,000. Outstandingr £166,009. Interest June and December 1. 
Bonds are redeemable at par not later than June 1. 1935, by a cumulative 
sinkinflT fund of 2% per annum in respect of the £160,000 and 2%% in 
respect of the £100,000, operative by half-yearly drawingrs in May and 
November for repayment June 1 and December 1. Interest and principal 
payable at Liondon in sterling: by Erlangers as regards £160,000 Bonds, 
and by Dunn, Fisher & Co.. as regrards £100,000 Bonds, or in Paris at the 
fixed ezchangre of fcs. 25.20 per £ by the Banque Swlsse et Francaise. 
Paris. Free of all present or future Brazilian taxes. Secured by a 
first chargre on taxes on exports. Denominations coupon £20. 

Authorised £468,760, of which £160,000 was sold to ESrlangers in 1910, 
and £100,00 to Dunn, Fisher & Co., in 1911; both firms disposed of their 
bonds privately in Paris. 

. All engagements in respect of the above locui have been promptly met 
by the State. 



SAJfTA OATKABZMA (8TATB) BZTXBVAi; 6% 1919-1944 
AmMdoaa Issim 

Authorised $6,000,000. Issued and outstanding $1,000,000 in hands of 
public plus 13,000,000 pledged by Imbrie & Co. with banks as collateral 
for loans. 

Dated December 1, 1919. Due December 1, 1944. Interest June and 
December 1. Redeemable by lot on any interest date at par through 
cumulative sinking fund of two per cent, annually; the State may purchase 
bonds and deliver them to the Trustee for reimbursement at par from 
this fund. Entire issue redeemable at par any time after December 1, 
1927. All payments in U. S. gold at New York. EiQUitable Trust Company 
of New York, Trustee. Coupon bonds of $1,000 each. 

Specially secured by pledge of revenues from Industrial and Pro- 
fessional Tax and Territorial Tax, also as a second charge on certain 
other taxes. % 

Underwritten and offered by Imbrie & Co., New York. 

Votob— Interest due June 1, 1921. and since has not been paid (March, 
1922). The default was due to the failure of Imbrie & Co., and the fact 
that only |1,500.000 of the $4,326,000 purchase price of the bonds was 
realised by the State. On September 2, 1921, the protective committee 
named below published the following announcement: 



State of Santa Oatliazina, BrasU 

6% Bztemal SeooMd Sinking Fund 

Gold Sonds of 1919 

The undersigned Committee for the holders of the State of Santa 
Catharina Six Per Cent. External Secured Sinking Fund Gold Bonds of 
1919, invite the deposit of said Bonds with them under a Deposit Agr«^ 
ment dated as of August 1, 1921, an origlnsa of which is lodged with the 
Depositary, and copies of which may be obtained from the Depositary 
or from the Secretary of the Committee. The American Trust Company, 
No. 136 Broadway, New York, is the Depositary for the Committee. 

As you are aware, the State has defaulted in the payment of interest 
due upon these Bonds on June 1. 1921, as well as in meeting the Sinking 

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KIMBBR'8 RECORD OF GOVERNMENT DEBTS 

Fund requirements of the Trust Agreement, not, however, as the Com- 
mittee are Informed and believe, from any Inability on the part of the 
State to pay. 

The Committee, although organized and active for a considerable 
time, have not heretofore asked for the deposit of Bonds, because they 
have been engaged In negotiations with representatives of the State of 
Santa Catharlna In the hope of arriving at some amicable adjustment of 
the rights of the bondholders. The result of these negotiations has, 
however, been so unsatisfactory that the Committee are now prepared 
to call upon the Trustee under the Trust Agreement to Institute legal 
proceedings in the courts of Brazil to enforce the terms of the Trust 
Agreement, or. If deemed necessary, the payment of the Bonds in fulL 
In the Judgment of the Committee, concerted action by the bondholders Is 
essential to success. 

During the negotiations with the Committee, the representatives of 
the State never asserted positively that the State repudiated these Bonds 
and never advanced any valid reasons for the defaults which have oc- 
curred. On the other hand, in the Imbrie & Company receivership pro- 
ceedings, the representatives of the State recently filed an answer in 
opposition to a petition of Imbrie & Company to expunge the State's 
claim for an accounting, in which answer It is alleged that all the Bonds 
are invalid. The Committee are convinced that no valid reason exists for 
the defaults, and in their opinion the present situation has arisen solely 
by reason of the fact that Imbrie & Company, in purchasing from the 
State the whole issue of these Bonds of 16,000,000 in principal amount for 
the price of |4,326.000, paid for the same by establishing a credit in favor 
of the State on the books of Imbrie & Company, which credit was drawn 
upon by the State prior to the receivership, as the Committee are informed, 
to the extent of approximately 11.500.000. It is the opinion of the Com- 
mittee that this contention is prompted solely by the fear of the State 
that it will not realize cash upon the full amount of the credit balance In 
its favor on the books of Imbrie & Company, and they do not believe that 
the State can successfully maintain that the Bonds are invalid. This 
belief of the Committee has been sustained by the following language 
contained in an opinion of the United States District Court in its decision 
rendered on August 16, 1921, directing that the claim of the State for an 
accounting be expunged: "It is clear that Imbrie & Company purchased 
the Bonds and the title thereto passed on the delivery of the Bonds*'; and. 
further: "The State has accepted a substantial sum In payment for the 
Bonds. They should not now question the validity of the Bonds." Not- 
withstanding this decision of the Court, the State still persists in declining 
to remedy the existing defaults. In any event, inasmuch aa the State 
was willing to accept the credit of Imbrie & Company In payment of the 
purchase price for these Bonds, the failure of the State to realize upon 
this credit in full certainty should not affect the right of bona fide holders 
for value of these Bonds. 

With respect to Bonds held in pledge to secure loans of Imbrie & Com- 
pany, the Committee have procured the entry of an order In the United 
States District Court for the Southern District of New York, permitting 
the deposit by pledges of their pledged Bonds and authorising Imbrie & 
Company and the Receivers of Imbrie & Company to consent to such 
deposit This order does not, however, purport to affect any orders that 
may be in effect in the ancillary receiverships in Boston and Pittsburg. 

It will appear from the foregoing that the difficulties that may arise 



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BRAZIL. 

In •nforclnsr the righiB of the bondholders are such that the formation of 
this Committee was not only necessary but Imperative, and that the de- 
posit of Bonds with them, and such other co-operation as they may re- 
quest, will flrreatly promote the protection and enforcement of the rlsrhts 
of the bondholders. 

The Committee already have authority to represent approximately 
|1, 000,000 in principal amount of these Bonds. 

Under the Deposit Aflrreement, the time for the deposit of Bonds ex- 
pires September 20, 1921. 

New York, September 2. 1921. 

A. W. L.OASBY, Chairman, 
Vice-President, The Equitable 
Trust Company of New York; 
RAYMOND B. JONBS. 
MURRAY, PRENTICE ft ALDRICH, Vice-President, Bank of the 
87 Wall Street, Manhattan Company; 

New York City, A. B. WBSTERVELT, 

ZABRISKIE, SAOE, KERR & GRAY, Vice-President, American Trust 
49 Wall Street. Company; 

New York City. WILLIAM V. GRIFFIN. 

Counsel. 80 Broadway. New York City, 

Committee. 
H. R. HARRISON, Secretary, 
S7 Wall Street. 

New York City. 

State of Sao Paulo 

Sao Paulo, the Empire State of Brazil, is on the Atlantic Coast south of 
Rio de Janeiro and Minas Geraes. Area. 112,800 square miles, as lar^e mm 
New York and the New Ensrland States combined. Most of this area is 
a plateau about 2,000 feet above sea level. Chief products are coffee, rice, 
cotton, tobacco, beans and sugar cane. Stock raising is carried on ex- 
tensively. Population in 1921, about 4,000,000, chiefly of Italian, Spanish. 
Portuguese and German extraction. Capital is Sao Paulo. 

The total public and private wealth of the State has been estimated as 
follows: Capital invested in Agriculture, $1,100,000,000; in Manufactures. 
$600,000,000; in Railroads, 1170.000.000; Miscellaneous. $2,280,000,000; Total 
$4,000,000,000 (U. S. Currency). 

Sao Paulo produces annually about 60% of the world's supply of coffee. 
It is also the largest exporter of cotton In Brazil, and a large exporter of 
meats, hides and skins. It Is the principal Industrial center in Brasll. 
leadinflT in cotton and woolen textiles and in frozen meats, of the latter 
handlinflT much of the product of Minas Geraes. Other manufacturing en- 
terprises, such as boot, shoe and hat factories, chemical plants, flour mills, 
etc, are estimated to furnish employment to upwards of 100,000 operatives. 
Sao Paulo is well served by 4,300 miles of railroads, which cross the 
State in every direction. 

Sao Paulo has abundant water-power, and over 170 cities and towns in 
the State obtain light and power from the hydro-electric plants that have 
already been constructed. It Is estimated that the hydraulic power of the 
State can develop about 3,000,000 H. P., of which ho far only about 250.000 
H. P. has been harnessed. 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Values of merchandise (chiefly coal, railroad equipment, and Iron and 
steel products), imported into the State in recent years were: in 191S» 
£8,086.239; 1916. £10.729.602; 1917. £12.117.614; 1918. £18.766,611 
1919, £22.298.052. 

Values of exports, chiefly coffee, cotton, rice, beans and packlnsr house 
products: in 1915. £24.150,008; 1916. £24.351,481; 1917. £22,184,008; 1918, 
£20.006.365; 1919. £64.457,871; 1920, £53.250.301. 

State revenues are derived chiefly from duties on exports, income from 
State-owned railways, property transfer taxes, industry and license taxes, 
«tc. In addition to the regular export tax, the State levies a special 
surtax on coffee of five francs per bagr. 

State revenues and expenditures in recent years have been as follows: 
(in milreis paper) 
Tear Revenues Expenditures 

1920 176,678.985 174,666,071 

1919 94,234.878 110,902,106 

1918 77.642,474 103,746,661 

1917 82,666,094 97,794.098 

The public debt of the State was ofiacially reported as of December 
tl. 1920. as foUows: 

External Fimded Debt £6,848,626 

Internal Funded Debt, milreis 184,908,000 

Internal Floatinsr Debt, milreis 282,461.268 

Of the external funded debt, approximately £6,000.000 was issued in 
eonnectlon with the purchase by the State of the Sorocabana Railway, 
and 48.694,000 milreis of the internal debt was issued for the sams 
purpose. 

The largest item in the floating: debt is 191,244,662 milreis in Treasury 
^rotes. 

Durinsr 1821 the State increased its external funded debt by the issue 
Ui New Yorlc, London and Amsterdam of £6,000,000 in 8% bonds; it in- 
creased also its internal funded debt by the issue in Sao Paulo oT 
150.000,000 milreis in 7% bonds, the proceeds of the latter issue beinc 
mpplied to the retirement of floating: debt 

MAO FAV&O (8TATB) 6% <<APOX20Br' 

Issued 91,600,000 milreis. Outstanding: about 86,000,000 milreis. Inter- 
est semi-annually. Issued in various series maturing: from 1988 to 1960. 
Denominations 1,000 milreis. 

8AO FAVXiO (8TATB) 6s OT 1888 

Issued £787.500. Outstanding £194,600. Interest April and October 1. De- 
nominations coupon £100, £600 and £1,000. Principal and interest payable 
at J. Henry Schroder & Co., London. All payments are now made free from 
all general, provincial or municipal taxes. Redeemable by a cumulative 
sinking fund of 1 per cent, per annum (commencing in 1889) applied to 
annual drawings at par in August for repasrment on October 1. Power is 
reserved to increase the sinking fund at any time on six months' notice.. 
This fund is to redeem the issue within 87 years. These bonds are secured 
by a direct charge on the whole revenues of the Provincial Government of 
Sao Paulo. Offered in October. 1888 by J. Henry Schroder ft Co., London, 
at 97%. 



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BRAZIL 

SA.O FAVXiO (8TATB) 58 OF 1904 

Issued £1.000,000. Outotandingr £650.740. Interest April and October 1. 
Denominations, Coupon £20, £100 and £600. Principal and interest payable 
in sterlinsr at the London and Braslllan Bank, Ltd., London (coupons not 
presented within 6 years and drawn bonds within 10 years of maturity will 
be prescribed). All payments are made free of state, municipal and federal 
taxes. Principal repayable by a cumulative sinkinsr fund of about 1%% 
per annum, applied to the purchase of bonds below par; when above par 
to l>e drawn annually in March at par. This will retire all the bonds by 
1984. The srovemment reserves the right to increase the sinkinsr fund at 
any time on giying six months' notice. These bonds are secured by a gen- 
eral charge on all the revenues and assets of the State. It is provided 
that this loan shall rank prior to all other loans hereafter contracted. 
Offered December, 1904, by the London & Brazilian Bank, Ltd., London, at 
94, also in Antwerp and Amsterdam. 



MAO FAinO (8TATB) 5s OF 1906 
Hypotlieoated Ballway Ck>ld Koan 

Issued, 95,597,600 francs (or 77,626,170 marks). Outstanding about 
78,260,000 francs. Interest January and July 1. at Paris. London, fierlin 
and Basle at fixed exchange of £l = 26fr.=20 marks. Denominations 600^ 
8,600, 6,000 and 12,600 francs. Free of Brazilian taxes. Repayable withinr 
86 years from 1910 by annual drawings in November for payment the fol- 
lowing January. Direct obligation of the State and specially secured up6ri 
the Sorocabana Railway as a first charge on its net receipts aiid a first 
mortgage on the railway property. Payments in London and Switzerland 
are by the Swiss Bank Corporation, 48 Lothbury, R C. 

Issued by the Dresdner Bank, Banque de Paris & Des Pays Bas and 
in Basle at 98. Issued to purchase the Sorocabana Railway, and to provide 
funds for extensions, etc. 

SAO FAUAO (STATB) 6% TXTMRMAIb ^OAV OF 1906 
Sorocabana Bailway &oaii 

Issued Rs. 13,000,000 paper. Interest January and July 1. Repayable 
by drawings when at or above par and by purchase when under par. Au- 
thorized by Law No. 940 of April 6, 1906, and by decree 1,819 of September 
80, 1905, and issued for extension and equipment of the Sorocabana Rail- 
way. Issue price 90. 



SAO FAnO (STATB) 5s OF 1907 
Sorooabana-Xtaana By — ^Frenob Koan 

Issued Fes. 60.400,000. Outstanding Fes. 46,732,500. Interest payable 
January and July 1, free of Brazilian taxes, in Paris at Banque de Paris 
et des Pays Bas and the Societe Oenerale. Payable also in sterling at 
fixed exchange of £19 16s lOd per 500 franc bond at the Societe General. 
Redeemable in 50 years, by 1957, by drawings in May and November. 
Secured by net profits derived from lease of the Sorocabana-Ituana Rail- 
way and its extensions. Coupon bonds of 600 francs with their equivalents 
in sterling expressed on them. 

Issued under the laws of December 28, 1906 and August, 19, 1907. 

Offered in Paris in 1907 at 465 francs per 500 franc bond. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

8AO TAUI^O (8TATB) BXTBBVAK 8% ^OAV OT IMl 

Issued and outstandinfi: £6,000,000 in three Issues as follows: 110,000,000 
(U. S.), £2,000,000 sterlinflT, and 18.000.000 Dutch guUders. The sterling 
bonds were Issued In LK>ndon by Baring Brothers & Co., Ltd., and X Henry 
Schroder & Co., the gruilder bonds in Amsterdam by Lippman, Rosenthal 
A Co. and Rotterdamsche Bankvereeniging. 
AmerioMi ZssiM 

Dated January 1, 1921. Due January 1, 1936. Interest payable Jianuary 
and July 1. Principal, premium and interest pasrable in New York City 
at Speyer ft Co. in U. S. gold coin, free from all Brazilian taxes, present 
or future. Coupon bonds registerable as to principal only, in denomina- 
tions of 1600 and $1,000, not interchangeable. The bonds are redeemable 
as a whole at any time after January 1. 1927. at 106 and interest upon 
six months' notice. The Sinking Fund payments described below will be 
■ufBcient to retire all the bonds at or before maturity. 

The entire loan is a direct obligation of the State of Sao Paulo, Brasil, 
and is specially secured by a first charge on the surtax of 6 francs per 
bag on all coffee exported from the state subject only to a charge of 
£286,000 annually until August 1, 1924; after that date the entire surtax 
is available for the service of this loan. 44% of the surtax is pledged 
for the service of the $10,000,000 bonds (American issue) and is to be re- 
mitted in weekly installments to Speyer & Co., New York, until the bonds 
are retired. Any surplus of the surtax remaining after the payment of 
interest requirements and necessary expenses will constitute a sinking fund 
to be used for the purchase of bonds at or below 10& until November 16, 
1926, and thereafter to redemption of bonds as stated below. Any un- 
expended balance remaining on November 16, 1926, is to be applied to 
the drawing by lot of bonds for payment on January 1, 1926 at 106. On 
each November 16 thereafter at least one-tenth of the balance of the 
loan, outstanding after the said January 1, 1926 redemption, is to be 
drawn by lot for payment on the succeeding January 1 at 106, and for 
this purpose the State is to provide additional funds, should the surtax 
be insufficient. All bonds not previously retired by the sinking fund are 
to be paid at maturity, at 106 and interest. 

The 44% of the surtax pledged for the service of the $10,000,000 Bonds 
is expected to produce about $1,640,000 per annum (figuring exchange at 7 
cents per franc) on the basis of an average exportation of 10.000,000 bags 
of coffee, the Government having the right, however, until August 1, 1924. 
to deduct annually a proportionate amount of the £286,000 above men- 
tioned. Any rise in the rate of exchange for francs about 7 cents will 
Increase the funds available for the service of the Bonds. 

The proceeds of this issue were applied to repasrment of internal 
floating debts. 

Listed on the New York Stock Exchange. 

Offered in March. 1921, at 97% and interest by Speyer & Co., Blair & 
Co., Inc., The Equitable Trust Co., Halsey Stuart & Co.. Inc.. and Laden- 
burg, Thalmann & Co. of New York; Cassatt & Co.. of Philadelphia and 
Illinois Trust & Savings Bank of Chicago. 

8AO FAUlbO (STATE) 7% XVTBBVAIk ^OAV OT 1981-1946 

Issued and outstanding 150,000.000 mflreis paper. Dated January 1, 
1921. Due January 1, 1946. Interest January and July 1. Prtndpal re- 
payable through sinking fund operating by purchase, estimated to retire 
the issue within 25 years. All payments at Sao Paulo. 

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BRAZIL 

Authorised for conversion of floatinsr debt and issued In March, 1921, 
at 90 and interest 



Sao Paulo, City 



The City of Sao Paulo is the capital and industrial center of the State 
of Sao Paulo. Its settlement dates back to 1661. It ranks as the second 
largest city in Brazil and the third in all South America. It is the con- 
vergiag point for a net-work of several thousand miles of railway serving 
the surrounding territory and adjoining States, including the noted coffee 
growing sections of San Paulo. The City is situated at an elevation of 
3,600 feet from the sea, and is about 40 miles from its steport Santos. 
Sao Paulo is an important industrial city, its chief manufactures being 
cotton textiles, boots and shoes, hats, preserved meats, brewing, etc It 
is a handsome and modern city in every sense of the word. Population 
in 1921 was 628,296. 

The total revenues of the City in 1921, as reported at current rate of 
exchange, amounted to |2.6S2,600 and are estimated at over 13,000,000 for 
1922, figured at the same rate of exchange. 

The total funded debt of the City, both external and internal, as of 
December 81, 1920, was about 116,210,600. This includes the internal debt 
figured at the current rate of exchange (18^ cents per milreis) and the 
external debt at par of exchange. The assessed valuation of real estate 
In the City Is reported as approximately 1840,000,000 computed at par of 
exchange. The City has no floating debt. 

SA.O FAV&O (CZTT OT) 6s OF 1906 

Authorized £760,000. Outstanding £622,640. Interest January and July 
1. Redeemable by January 1, 1944, by 1% cumulative sinking fund to h% 
applied to the purchase of bonds below par and to drawings (October) at 
or above par. All payments are' made in sterling in London by the I^ondon 
and Brazilian Bank, Ltd., free of all Brazilian taxes. The municipality 
reserves the right to increase the sinking fund at any time after the 
year 1918. on giving six months' notice. This loan is a direct liability of 
the municipality and is secured by the hypothecation of the revenue de- 
rived from the tax on trades and professions. Issued in London in 1908 
by the London & Brazilian Bank, Ltd., at 97^%* 

SAO FAVXiO (CZTT OF) 6% BOHD8, OF 1919 
Ameiioan Zssue 

Issued 18.600,000. Outstanding $8,246,000. Dated November 1, 1919. 
Due November 1, 1948. Interest May and November 1. Bonds in coupon 
form in denominations of $1,000. Both principal and interest free of all 
Brazilian Federal, State and municipal taxes, payable in U. S. gold coin 
at Imbrie & Co. in New York City. Trustee Equitable Trust Co. of New 
York. These bonds are a direct obligation of the City of Sao Paulo and 
are secured by a first lien on the "Transportation Tax" and the "Tax 
on Industries and Professions." 

These bonds are redeemable by semi-annual drawings at par and in- 
terest through a cumulative sinking fund of 2% per annum. The muni- 
cipality may purchase bonds and deliver them to the Trustee for reim- 
bursement at par from sinking fund. The entire issue is redeemable as 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

a whole at the option of the municipality at any time after November 1, 
1921. 

The proceeds of this issue were used In part to refund an Internal 
Issue amounting to 12.892,868 and an external (New York) Issue of 1916. 
of which $4,950,000 was outstanding. 

Offered at 95^% by a syndicate composed of Imbrle A Co.. Equitable 
Trust Co.. E. H. Rollins ft Co.. Cassatt & Co.. Spencer Trask & Co., and 
Wm. R. Compton & Co.. all of New York. 



SAO FAVXiO iCBOT OT) 30-YBAm 8% BXTBBVAK BBOUBXD &OJjr, 

1998-19M. 
Amerloaa Zssiie 

Issued and outstanding $4,000,000. Interest May 1 and November 1. 
Dated March 1, 1922. Due March 1. 1952. Principal and Interest payable 
In U. S. grold. free of all Brazilian taxes, at the office of Blair St Co.. 
fiscal agents of the loan. Coupon bonds In denominations of $1,000 and 
$500, regristerable as to principal. Metropolitan Trust Co.. New York, 
registrar. 

These bonds are not callable as a whole or In part. Bonds will be 
retired through operation of Sinking Fund as follows: The City agrees 
under the Loan Contract to pay the Fiscal Agents annually on April 1st 
of each year, commencing April 1, 1923, the sum of $187,931 (1/29 of the 
issue) to be applied during the succeeding 12 months to the purchase of 
Bonds at not exceeding par, but not to be applied to the purchase of an 
amount exceeding $138,000 of said Bonds annually. Any unused balance 
at the end of each such 12 months' period is to be credited to the account 
of the City. 

These Bonds are a direct obligation of the C?ity of Bao Paulo, and 
specifically secured (1) by a first charge on the receipts from the sani- 
tary and vehicle taxes. (2) by a charge on the transportation tax and the 
industry and professions taxes, subject to prior charges on the 6% Ex- 
ternal Dollar Loan of 1919 and the 6% Sterling Loan. 

The receipts, figured at the current rate of exchange, from the sanitary 
and vehicle taxes for 1921. were reported at approximately $411,760. and 
the equity In the transportation and Industry and professions taxes was 
reported at $852,940. a total of approximately $764,690. The receipts from 
the above sources, similarly computed, at the current rate of exchange, 
are estimated for 1922 to be $861,890 as compared with approximately 
$764,690 In 1921. 

The proceeds of this loan were to be used In the construction and 
Improvement of streets, tunnels and the municipal market. 

Offered In February, 1922, by Blair & Co.. Inc., New York, at par and 
Interest. 



SAO FAUI^O (OXTT OF) ZMTSmVAK &OAV8 



First Issue 7% 


Maturing 1970 


Rs 600.000 


Second Issue 7% 


1961 


" 1,000,000 


Tladuct Issue 6% 


1990 


700,000 


Issue of 1918 7% 


1962 


" 14,868,600 


Italian Bank Loan 7% 


«< 


" 11,791,000 



Outstdg. 625,000 

742,900 

622,600 

14.868.600 

11.791,000 



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BRAZIL. 



Paulista Railway Company 



<Oainpa«hl» Paollste d« BvtnUUui de F«iro) 

Pint and B»fniid1iig' lCortr»ir* 7% WnklBir Fnnd Ck>ld Bonds, 8«rlM Jl, 
1M9-1949 

Issued and outstanding: (Series A) $4,000,000. Dated March 15. 1922. 
Due March 16, 1942. Repayable through sinking fund at maturity at 102 
and interest. Interest March 16th and September 15th. Principal, sinking 
fund, premium and interest payable in United States gold without deduc- 
tion for any present or future Brazilian taxes. Government. State or 
Municipal, at the office of Ladenburg, Thalmann & Co., Fiscal Agents, 
In New York; interest also payable at the offices of Lee, Higginson & Co.. 
in New York. Boston and Chicago. Bonds in coupon form of $600 and 
11.000. 

Not callable before March 15, 1927, except for sinking fund. Callable 
as a whole only at 102 and interest on or after March 15, 1927, upon 60 
dayv* notice. 

Sinking Fund. — ^Paulista Railway Company covenants to deposit a fixed 
annuity of $380,968 payable in semi-annual installments, first payment 
September 15, 1922, to be used for the payment of interest and as a sinking 
fund for the redemption of bonds through call by lot at 102 and interest, 
which sinking fund is sufficient to retire the entire issue at 102 and 
Interest by maturity, and any bonds outstanding at maturity will be so 
paid at 102 and interest. The Company further covenants that if ths 
Government exercises its reserved right of acquiring the mortgaged prop-, 
•rty, the purchase price therefor received from the Government, in so far 
as not applicable to first mortgage bonds (Sterling Loan), shall be paid 
into the sinking fund for the redemption of the outstanding bonds at 102 
and interest. 

Secured by direct mortgage on the entire 772 miles of line owned, being 
a first lien on 288 miles and a second lien on 489 miles subject to the 
first mortgage 6% Sterling Loan due April 1, 1984. amount of which is 
closed at $6,643,009. Total funded debt including this issue and under- 
lying bonds is at an average rate of less than $14,000 per mile. 

The remaining $16,000,000 bonds authorized under this mortgage may 
be issued, par for par, against the retirement of a like par value of the 
first mortgage 6% bonds (Sterling Loan) due 1934 now outstanding (except 
that no first and refunding mortgage sinking fund gold bonds may be 
issued against first mortgage bonds retired by the sinking fund for that 
issue), and at par for not exceeding the cost of additions, improvements 
and extensions to the Company's railway lines and equipment, upon which 
the first and refunding mortgage sinking fund gold bonds shall be a first 
mortgage or a mortgage subject only to the existing first mortgage in so 
far as the lien of that mortgage shall apply, provided net earnings for 12 
consecutive months within the preceding 16 months shall have been equal 
to the total annual requirements for Interest and sinking fund on the 
Company's entire funded debt then outstanding, including the bonds pro- 
posed to be issued. 

Of the proceeds of this issue approximately $2,600,000 were to be used 
to pay for electrification of part of the Compansr's lines by United States 
manufacturers; the balance to be used for other additions and improve- 
ments and for other corporate purposes. 



167 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Offered In April, 1922. by Lee. Hlgrgrlnson ft Co.. Ladenburg. Thalmann 
Jb Co.. Marshall Field. Olore. Ward ft Co.. at 99 and interest to yield over 
7.10 per cent 



Vote.— Panllsta Bailiraj Ck>iiip«ii7^The Paulista Railway Company 
was organized in 1869. commenced operations In 1872. and has a continuous 
record of successful operation for the last 60 years. It owns and operates 
a railroad system of 772 miles through the central, northern and western 
parts of the State of Sao Paulo. Brasil. 

Capitalisation 
Funded Debt: Authorized Outstanding 

First and Refunding Mx>rtgage 120,000.000 

Sinking Fund Gold Bonds, Series A, 

7%, due March 15. 1942 (this issue) $4,000,000 

First Mortgage 6% Bonds (Sterling 

Loan), due April 1. 1984. £1,344.000 (Closed) 6.643.009 



$10,643,009 



CTftpital Stock: 

Authorized 140,000,000 milreis, outstanding 
132.000.000 milreis. equivalent at present 
rate of Brazilian exchange to $18,900,000.. $17,770,000- 

Net earnings of $2,243,790 for the year ended December 31. 1921, were 
t% times the $607,160 interest requirement on the Company's total funded 
debt including this issue. Average net earnings for the 11 years ended 
December 31. 1921. were more than 3 times this interest requirement, and 
in no year during the period were net earnings less than approximately 
2% times this requirement. 

The Ctompany has paid dividends on its capital stock in every year for 
the Icust 60 years; in every year, except one, at not less than 7%, and at 
average rates in excess of 10%; dividends now being paid at rate of 10% 
per annum. 

The Company by contract with the Government, has the right to raise 
its rates when net earnings are under 8% of capital invested and acknowl- 
edged by the Government. At the end of 1922 such invested capital will 
amount to $28,360,000 in accordance with estimated cost of work already 
authorized by the Government. 

The road, structures and equipment of the Paulista Railway Company 
are of a high type and compare favorably with construction and equip- 
ment used in the best railroads of the United States. The road bed is 
well constructed. It is rock ajid gravel ballasted, and Its bridges are of 
steel construction. A considerable part of the rolling stock including 
locomotives, freight and passenger cars were built and purchased in the 
United States. Both road and equipment are well maintained. 

The lines of the Paulista Railway Company extend from Jundiahy 
in a northwesterly direction through the center of some of the best coffee 
growing territory of Sao Paulo and through the cities of C!ampina8. 
Limeira. Rio Claro. San Carlos and other important cities to Barretos, 
where the plants of the largest Brazilian owned packing company are 
located, from which a large and substantial tonnage is derived, further 
diversifying the character of the Company's business. Its lines also 
radiate both in northwesterly, westerly and in southwesterly directions, 



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Latest available information 
on all matters relating to 
foreign bonds and shares 
and the credit of foreign 
governments, states and 
municipalities is regularly 
given in 

Kimber's Reports on 
Foreign Securities & International Finance 

Published on the 7th and 
22nd of each month 



Subscription Price $15.00 a Year 



A. W. KIMBER (Sl COMPANY 

INCORPORATED 

Financial Statisticians and Publishers 

46 WEST BROADWAY NEW YORK 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

seryiner the greater proi^rtion of the larsrest and most important cities of 
the State. Through connection at Jundiahy, the lines of the Faulista 
Railway Company have through route connection with the line of the Sao 
Paulo Railway Company to the City of Sao Paulo and the port of Santos. 

Part of the system has been electrified and provision has been made 
for additional electrification work. The Oompansr's double track line be- 
tween Jundiahy and Campinas. 68 miles of track is now (Bfarch. 1922) 
being electrified by the Oeneral Electric Company, with standard installa- 
tion of a type similar to that used on the Chicago, Milwaukee & St. Paul 
Railway Company in the United States. The substation apparatus, the 
overhead line of catenary construction, 8 freight and 4 passenger locomo- 
tives have been furnished by the (General Electric Company, and 2 freight 
and 2 passenger locomotives by the Westinghouse Electric and Manufac- 
turing Company. The design and capacity of all apparatus and equipment 
is such that it can be used in connection with operation of an extension 
to San Carlos, a total distance of 129 miles, if such an extension should 
be made. With electric operation, trains which under former steam opera- 
tion could not be carried over a 1.5 per cent, gr^de at a speed greater 
than about 9 miles per hour are now carried over the 1.5 per cent, grade 
at a speed of 29 miles per hour. The large developed and available hydro- 
electric power resources of the State of Sao Paulo and adjacent territory 
provide sources of cheap and plentiful power supply for the Company^s 
requirements. 

During the period from December 81, 1906 to December 81. 1920, the 
freight tonnage increased from 726,400 tons to 1,674,149 tons, or 130%, 
and the number of passengers carried increased from 949,794 In 1906 to 
2.674,660 in 1920, or 170%. 

The classes of freight handled have a satisfactory diversification, coffee 
being the most important. In 1920 approximately 7,000,000 bags of coffee 
were carried over the Company's lines, or nearly 70% of all coffee pro- 
duced in Sao Paulo, although the revenue derived from this source was 
only about 88% of the Companir's total revenue. In addition to coffee 
and packing house products, the Oompan3r's freight trafRc includes various 
agricultural and other products and commodities. 



Santos, City 



A city and seaport of Brazil, situated in the State of Sao Paulo about 
280 miles southwest from Rio de Janeiro, and about 50 miles by rail from 
the City of Sao Paulo. Santos is the seaport of Sao Paulo, and is the 
greatest coffee-shipping port in the world. It has modem docks, the 
chief properties being owned by a private corporation* the Santos Dock 
Company. In imports the port is second only to Rio de Janeiro, values of 
imports in recent years being: in 1912, $80,478,771; in 1918. $88,876,191; 
in 1919, $95,268,978; in 1920. $128,981,694. Population about 76,000. 

SAVT08 (OXTT) WTMmjJXa 6% XK>Air or 1910 

Issued, £1,000,000. Outstanding £976,000. Denominations of £100 and 
£20, the bonds having also their value In Portuguese currency expressed 
on them. Coupons are payable April 30 and October 81, and principal 
was to be repaid within fifty years by meahs of an accumulative sinking 
fund of 0.3444 per cent, per annum, applied to annual drawings (commenc- 

170 



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BRAZIL 

Iner January. 1911) at par. Pajmients are made In 8terlln«r In London at 
Brlan^erB. also In Switzerland and In Santos, free of all municipal. State 
and Federal taxes. The municipality may increase the sinklner fund to any 
extent, on six months' notice. To provide the service of the loan an 
annuity of £68,444 was to be paid semi-annually to the London and 
Brazilian Bank, Ltd., in Santos, as to £88,444 on April 1, and as to 
£80,000 on October 1 in each year, these amounts beiner secured by a 
general bond of the municipality which creates a first charere on the gen- 
eral revenues of the municipality except (1) the duties on alcoholic liquors 
and salt, which at present form part of the security for the 1888 loan, and 
(8) the annual licenses of the city, which also form as a first charge 
part of the special security for the 1888 loan. 

Coupons due October 81, 1914, were not met until January 81, 1916, 
when interest at the rate of 6% per annum for the period of three 
months was added; coupons and drawn bonds due April 80, 1916, were 
postponed for three months, but were then not paid, and in October, 1916, 
a funding plan was carried into effect, under which coupons due April 80, 
1916, to October 81, 1917, both inclusive, were funded into bonds of a 
new loan. The annuity of £68.444, provided for the service of the loan 
was suspended down to October 81, 1917, and thereafter such annuity 
again became payable, but in lieu of the semi-annual payments previously 
made, the municipality hands over to the bankers in Santos certain fixed 
amounts in every month in each year except April and June. Regular 
payments are now being made as provided in the funding scheme and 
interest due April, 1918, and since has been paid in cash. 

Issued in April, 1910. by Emile Erlanger & Co., 8 Crosby Square, R C„ 
at 97. 

MAmron (oxtt> 7% nnn>xva IbOam i9i6 

Issued £177.290. Outstanding £162.690. Interest April and October 81. 
Principal due April 80, 1988. These bonds (of £100, £20 and £10 each) 
were issued for the purpose of satisfying coupons on the bonds of the 
6% Internal Loan of 1910 which fell due April 80, 1915. and subsequently 
up to and inclusive of October 81, 1917. A cumulative sinking fund of 
10.9795% is to be applied in paying interest and repaying the bonds at 
par by annual drawings in Santos in January of each year, commencing 
January, 1919. with power to the municipality to increase the amount of 
the sinking fund. The bonds are secured by a first charge on the tax 
known as the "Impot Predial." All payments in London are made by 
Itoile Erlanger & Co.. 8 Crosby Square. E. C. 



171 



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British Government Bonds 

AND ALL OTHER 

Sterling Issues 



listed an the London Stock Exchange 



Abroad we maintain the best correspondents: 
at home the best expert service 



Use the wires at our expense 



F. J. LISMAN&CO. 

Members New York Stock Exchange 
Since 1895 



61 Broadway 



New York 



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BRITISH EMPIRE 

Area 18,15S,712 squartt milM 

Population census 1911, 484,186,650 

United Kingdom of Great Britain and Ireland 

121,688 square miles. 



1920 (estln&ated) 46,089,000 

1911 (census) 45,616,269 

1901 (census) 41,976,827 

1891 (census) 88,104.976 

1881 (census) 86,241,482 



This was variously estimated In 1918 as 660,000.000.000 (Mallet). 
166,000,000,000 (Helfferich), 680,000,000,000 (Oiffen). The total annual 
Income of the people was estimated at 612,000,000,000, and the annual 
savings at 62,000,000,000. 

In 1919 the naUonal wealth was estimated at 6100,000.000.000 and the 
annual Income fit 616,000,000,000. Edgar Crammond, the English financial 
writer, estimated Great Britain's wealth In 1919 at 6120.000.000.000, and 
Income 617.500,000,000. 



New capital Issues for a series of years and their application to foreign 
or domestic enterprises, are given in the subjoined table. 

Year British Isles Colonial Foreign Total 

£ £ £ £ 

1921 ...... 108.218.000 96,668.000 16,719.000 220.606.000 

1920 817.760.000 48,646.000 21.251,000 882.557.000 

1918 86.961,000 76.187.000 84.449,000 196.587.000 

1912 46,8^6.000 72.642,000 92.872,000 210.860.000 

1911 26.146,000 64,995.000 100,618,000 191,759.400 

These figures do not Include subecrlptions to British Gtovemment 
Treasury Bills. Treasury Bonds and National Savings Certificates. 

The striking fact about the 1921 figures is that less than 60% of the 
total Investment was in domestic securities, and second that investment 
In the colonies more than doubled. 

In 1920 over 90 per cent of the total was for domestic employment, 
and only a little over 2 per cent, for foreign countries, whereas in 1911 
only about 16 per cent, was for employment at home, and over 60 per 
cent for foreign countries. 

In the six years prior to 1914. it is estimated that the amount of 
capital invested abroad by Oreat Britain through bond and stock Issues 
offered to the public (i. e. not Including capital invested privately) aggre- 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

gated $4,800,000,000, aa follows: 1909. |815.000.000; 1910. $1,035,000,000; 
1911. $826,000,000; 1912. $826,000,000; 1918. $800,000,000. 

At the beginning: of 1914 it was estimated that the total amount of 
capital invested abroad publicly by Great Britain was $18,500,000,000. 
Of this amount. $5,600,000,000 waa invested in government and municipal 
loans. $7,600,000,000 in railways, and $5,500,000,000 in public utilities, 
industrial and financial enterprises. Adding the estimated amount of 
capital invested abroad privately, it was calculated that the total foreign 
investments aggregated $20,000,000,000. and that the annual income of 
the British people from these investments was $1,000,000,000. Annual 
income from profits on shipping was estimated at $660,000,000. 



oov»8s or pmzcnMi 

Taking the average of wholesale prices from 1901 to 1905 aa a basis 
of 100 per cent, the London Economist gives the following percentages 
as effective on the dates named: January 1, 1914, 119.2; July 81, 1914. 
116.6; December 81, 1914, 127.8; December 81. 1915. 165.1; December. 1916, 
223.0; December. 1917, 268.2; December, 1918, 277.0; December, 1919, 884.7; 
July 81, 1920, 868.0. From this date there was a steady decline to 269.8 
at the end of December, 1920. 

Prices by months in 1921 were: in January, 208.6; February, 192.2; 
March, 189.3; April, 188.0; May, 182.3; June. 178.6; July. 178.2; August, 
178.9; September, 182.8; October, 170.4; November. 165.5; December, 161.8. 



Mon^tarj Unit— Pound Sterling (£)=:$4.8666 U. S. 

Odd Ooiam ICnteA — Sovereign (=£1) and Half -Sovereign. 

Prior to the European War of 1914 the paper currency of England and 
Wales was exclusively Bank of England notes, issued in denominations of 
£6, £10, £50, £100, £1,000, £10,000. These notes are legal tender 
there except in payments by the Bank; but in fact they are accepted 
almost everywhere. See further details below. 

Scotland has eleven banks of issue, the chief being the Royal Bank. 
By law of 1845 the banks may issue a total of about $18,000,000 of credit 
notes; over that amount against gold coin, pound for pound. Denomina- 
tions of notes are one pound and upward and may be redeemed in coin 
only at the head oflUces of the banks issuing them. 

Ireland has nine banks of issue, with notes from one pound up, re- 
deemable at the branches as well as the head oflUces of the banks. 

Bank of BBglaad — ^Founded in 1694; present charter dates from 1844. 
To the amount of £18,460,000 its notes are issued on securities. Above 
that amount they are covered by gold, pound for pound. The issue 
department is separate and distinct from the banking department, as 
much so as if it were a separate institution. The rise and fall of the 
banking reserves of the bank, therefore, have nothing whatever to do 
with the maintenance of the gold standard in Great Britain. Since the 
outbreak of the European War, vaults for receiving gold to be counted 
in the reserves of the bank were established in Ottawa, Canada, Johannes- 
burg, South Africa, and in Australlsk. The office at Ottawa makes settle- 
ments between England and the United States; the office in Johannesburg 
is convenient to the output of gold from the Rand. 

174 



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BRITISH EMPIRE— UNITED KINGDOM 



StetMiMnt of Bank of Enfland 
Jmmnm B«p«rtm«it 

At Notes Gold Coin and 

Dec. 81 Issued Securities Bullion 

£ £ £ 

1921 145,064.880 18,450,000 126.614,880 

1920 144.934,000 18,450.000 126.484.000 

1919 108.700,000 18,460.000 90.250,000 

1918 97,809.825 18,460.000 79.869,825 

1917 76,680,000 18.460.000 67.100.000 

1916 71.290.000 18.460,000 62,840,000 

1916 69,790,000 18,460,000 61.840,000 

1914 87,480,000 18,460,000 69,080,000 

1918 60,600,000 18,460,000 88,060,000 

1912 47.740.000 18.460.000 29,290,000 

• 1911 60,182,000 18,460,000 81,872,000 

OOTvenoj Vote* — ^By the Currency and Bank Note Act of August 6, 
1914, provision was made for the issue of currency notes in denominations 
of 10 shillings and 1 pound. The reasons gtven for this action were the 
need of additional currency in order to meet the demands of mobilization; 
to replace quantities of gold coins which had been transmitted unobserved 
to foreign countries; to replace anticipated hoarding by the general 
public; to provide increased legal tender reserves against the increased 
deposits of the English joint stock banks; and to furnish additional 
money to meet the higher levels of prices and wages. 

Diffsrenoe between Ourvenoj Votes and Bank oC Bnglawd Votes 

There are two kinds of paper currency circulating in Great Britain. 
The first is the notes of the Bank of England; the second, the currency 
notes or "Bradburys." 

Notes of the Bank of E^ngland are liabilities of that Bank. They are 
issued by the Bank against gold, pound for pound, and have always been 
redeemable in gold. The statements of the Bank show that over and 
above £18,600.000 of Government and other securities (held in accordance 
with the terms of the charter) the notes are covered 100% in gold. 

The Bank of EIngland's statements which give these figures are the 
statements of the Issue Department. This department is distinct and 
separate from the Banking Department of the Bank, the statements of 
which have nothing whatever to do with the currency system of Great 
Britain: "Notes in Circulation" in the statement of the Issue Department 
are a liability; the same item in the statements of the Banking Depart- 
ment are an asset, the Banking Department being practically a separate 
institution and having in respect of the Bank of England notes on hand 
a claim against the Issue Department. 

The currency notes of Great Britain are issued by the Government 
through the Bank of England, but they are not a liability of the Bank. 
They are an obligation of the British Treasury, and a new currency first 
issued in 1914. Gold coin in circulation in Great Britain prior to the war 
amounted to about £128.000,000, and at the outbreak of the war was 
entirely withdrawn from circulation by its chance holders, and hoarded. 
The currency notes were devised to supply the currency needs of business, 
replacing the hoarded gold, but later were used as a method of financing 

176 



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KIMBER'S RECORD OF GOVERNMEN T DEBTS 

the Government In essentially the same way as Federal Reserve Bank 
Notes in the United States were issued against the deposit of the United 
States Certiacates of Indebtedness, in the same way as notes of the Bank 
of France were issued against deposit of French Government obligations, 
and as notes of the Reichsbank were issued against treasury bills of the 
German Government. 

The currency notes, issued in denominations of 10 shillings and of £1, 
were at first intended to be amply covered in gold; but inflation of the 
issue in the manner just described without corresponding increase in the 
gold cover, brought the ratio of gold to notes to below 9% in 1918. 
Retirement of currency notes and some increase in the gold reserve have 
now brought the ratio to about 16%. 

Neither currency notes nor notes of the Bank of England are freely 
redeemable in gold at this time, but care should be taken to distinguish 
between these two forms of currency. Notes of the Bank of £«ngland are 
covered (beyond the flrst £18,600,000) 100% in gold, and they are a demand 
obligation of the Bank. The Currency Notes are an obligation of the 
British Government, theoretically redeemable in gold at their face value, 
but at this time not so redeemable because of the insufllciency of the 
gold reserve. 

ProTlsloBS of ZMiae— Currency notes are issued through the Bank of 
England to bankers as and when required up to a maximum limit not 
exceeding, in the case of any bank, 20 per cent of its liabilities on deposit 
and current accoxmts. 

The amount of notes issued to each bank is treated as an advance by 
the Treasury to that bank bearing interest from day to day at the current 
Bank rate, the security for the Treasury advance consisting of a floating 
charge on the assets of the bank up to the amount of the notes issued. 
The bank is permitted to repay the whole or any part of any advance at 
any time. Any amount repaid can be renewed if and when necessity 
arises, provided that the total amount outstanding at any one time does 
not exceed the authorised percentage of the bank's liabilities. 

Any sums received by the Bcmk of England in repayment of advances 
are either applied forthwith to cancelling any currency notes which have 
been returned from circulation and are for the time being in the hands 
of the Bank of England, or, in so far as any such sums may exceed the 
amount of currency notes returned from circulation in the hands of the 
Bank of England at the time of receipt, are carried to a separate account 
in the books of the Bank of England and applied to the cancellation of 
notes as and when they return from circulation. 

In order to give the banks the advantage of the credit allowed under 
this arrangement even though actual currency may not be required, cer- 
tificates may be issued in lieu of actual notes. The effect of the issue 
of these certificates is that the banks are able to obtain credits with the 
Bank of England on the same terms as currency notes, and the expense 
of printing and handling notes Is avoided except in so far as the notes 
may be required for actual circulation. 

The arrangement in England and Wales applies generally to Scotland 
and Ireland; but in the case of banks of issue in Scotland and Ireland 
currency notes, instead of being issued to the public, are used as cover 
for the banks' own notes. This arrangement has in practice the effecr 
of enabling the Scottish and Irish banks of issue to exceed the normal 
limits of issue of fiduciary notes so long as such excess issues are 
covered by currency notes. 

17« 



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BRITISH EMPIRE— UNITED KINGDOM 



Th«se note* are redeemable at any time for their face value In gold 
at the Bank of England. The Treasury may call In any currency notes at 
any time paying for them their face value in gold. The notes issued 
through the Bank of England are legiil tender in England and Wales; 
those issued through banks of issue in Scotland or Ireland are legal 
tender in Scotland or Ireland respectively. 





Ounenoj Votes 


Aooonnt 




Balances 




Notes and 


Coin and 


Ratio to 


Government 


at Bank 


Date 


Certificates 


Bullion 


Notes 


Securities 


of England 




£ 


£ 


% 


£ 


£ 


Deo. 28, 1921 


825.684.000 


28.600.000 


14.7 


289.181.000 


161.000 


Deo. 29, 1920 


•867.626.000 


28.600.000 


18.0 


886.604.000 


184,000 


Dec 81. 1919 


856.162.000 


28,600.000 


9.1 


887.687.000 


2.802.000 


Dec 81, 1918 


828.241.000 


28.600.000 


8.9 


806.188.000 


4.566.000 


Dec 26. 1917 


212.782.000 


28.500.000 


18.4 


186.687.000 


6.486.000 


Dec 2T. 1916 


160.144.000 


28.500.000 


19.0 


118.102.000 


6.868.000 


Dec 29. 1916 


108.125.000 


28.500.000 


27.6 


64.620.000 


20.586.000 


Dec SO. 1914 


88.478.000 


18.500.000 


48.1 


9.928.000 


9.286.000 


^Includes notes called in but not yet cancelled. 





(in U. 8. dollars, 000 omitted.) 







Imports 


Per Cent. 






Per 




Total 


from 


from 


Total 


Exports 


Cent. 


Year 


Imports 


U.S. 


U.S. 


Exports 


to U. S. 


tou.a 


1921 .... 


See Note 


•942.107 


• . . 




•288.796 


, , 


1920 .... 


See Note 


•1.825.000 






•618.847 


, , 


1919 .... 


See Note 


•2.278.000 


. • . 




•809.189 


, , 


1918 .... 


7.941.660 


2.644.000 


88.8 


8.886.282 


166.866 


4.8 


1917 


6.177.144 


1.830.264 


86.4 


2.568.002 


161.600 


6.8 


1916 .... 


4.141.101 


1.861.877 


82.9 


2.468.810 


169.400 


6.6 


1916 


8.663.653 


1.095.386 


29.9 


1.872.963 


127.882 


6.8 


1914 .... 


2.925.660 


629.364 


21.6 


2.096.105 


166.896 


7.9 


1918 .... 


8.207.801 


684.848 


19.9 


2.566.106 


148.688 


6.6 


1912 .... 


3.628.794 


656.005 


18.1 


2.871.078 


147.180 


6.2 


1911 .... 


8.309.987 


597.126 


18.0 


2.209.972 


135.042 


6.1 


1910 .... 


3.300.738 


572.881 


17.8 


2.094,467 


164.042 


7.4 


•Figures 


of the U. S 


Department of Commerce. 







Import figures are c i. f. British port; export figures f. o. b. British 
port. Current market values are recorded in the returns. Export figures 
include "British Produce" only. 

Figures for the four years 1914-1917 do not include certain goods be- 
longing to the British and Allied Governments. 

Official British Government figures of total trade are as follows (in 
£ sterling): 

Total Imports 
£ 



Year 
1921 
1920 
1919 ' 
1918 



1.086.687.218 

1.932.648.881 

1,626,156.000 

768,734.000 



Total Exports 

£ 

810.248.354 

1.557.222,600 
963,385,000 
634,820.826 



No figures of invisible exports for 1921 were available at the time 
this book went to press. 

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^ KIMBER'S RECORD OF GOVERNMENT DEBTS 

The year 1921 was one of unprecedented bad trade for the United 
Kingdom. The figures, however, are not as bad as they appear at first 
glance. Though values were much lower than in 1920 and in 1919, the 
volume of business as measured in quantities of goods, both imports and 
exports, declined to a comparatively small extent, in fact in many lines 
the volume of business was erreater. The apparent adverse balance of 
trade in 1921 was £276.400,000. in 1920 it was £378,800,000, in 1919 it was 
£662,800,000. This steady decrease in the trade indebtedness is very satis- 
factory, and is significant in connection with the steady increase in the 
exchange value of the British pound sterling. 



OO 

Year ended Actual Actual 

March 81 Revenue Expenditure 

£ £ 

1922 1.216.650,000 1,039,728,000 

1921 1,426,985,000 1,195,428,000 

1920 1.889,671,881 1,666,778,928 

1919 889,000,000 2,679,000.000 

1918 707,285,665 2,696,221,406 

1917 678,427,682 2.198,112,710 

1916 886,766,824 1,669,168.877 

1916 226,694.080 660.478,688 

1914 198.242.897 197,492,969 

1918 188.801,999 188,621,980 

1912 186,090,286 178.645.100 

Army and Navy and other war expenditure was met by votes of credit. 



VATZOVAXi FVBUO BSBT 

Funded Debt Floating Debt Total Debt 

Dec 81 £ £ £ 

1921 6,639,160,000 1.269.840,000 7,799,000,000 

1920 6,428.919.000 1.408,081,000 7,882,000,000 

1919 6.729,676,000 1,849,824,000 8,079.000,000 

August 1 

1914 696.000,000 16,000.000 711.000.000 



Position of tho noftttair BOM 

Ways and Means Advances 

Outstanding — 

Advances by Bank of England. . 



Dec. 81. '19 Dec 81, '20 Dec 81, '21 
£ £ £ 

66.000,000 87.250.000 20.000.000 



Advances by Public Departments 187,174,000 218.722.000 180,084,000 



Treasury Bills outstanding.. 
Totaa Floating Debt 



1.106.160.000 1.102,109,000 1,059,806,000 



1,849,824,000 1,408,081,000 1,269.840,000 
178 



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BRITISH EMPIRE— UNITED KINGDOM 



▲dTABOM to AUiAS, ttto. — Offsettlner a portion of the debt as given 
above, advances to Allies and Associated Powers on account of the War 
were as follows (December 31, 1920) : 

France £514,840.000 

Russia 567,983,000 

Italy . . . / 467.870,000 

Bel^um 99,106,000 

Serbia 20,928,000 

Montenegro 205,000 

Rumania 20,280,000 

Portugal 18,645,000 

Qreece 21.666,000 

Belgian Congo 3,650,000 

Total to Allies £1,724,667,000 

Australia 61,582,000 

Canada 19,860,000 

New Zealand 29,628,000 

South Africa 16,770,000 

All other 2,870.000 

Total to Dominions £119,205,000 

For relief 8,076,000 

Grand total £1.861,887,000 

Gtovemment Bond Issues in Detail 



uji T *D xnroBOx aH'% oomoui 

COonaoUdatod Biook of 1888) 

Issued £682.311.369. Outstanding (March, 1920) £277.101,241. In- 
terest January, April, July and October 5 in London and at Federal 
Reserve Bank, New York at current rate of exchange. Not redeemable 
until 5tb April, 1928, on and after which date it is red^mable, in such 
order and manner as Parliament may direct, at par. Coupon bonds of 
£100 and multiples thereof. The stock is transferable free of stamp duty. 
Quoted "flat," i. e., including accrued interest in price. 

Created under the National Debt (Conversion) Act, 1888, for the 
conversion or redemption of the New Three Per Cents, formed in 1855, 
the Three Per Cent. Consols, and the Reduced Three Per Cent. Annuities. 
A total of £649,094,011 was converted under the National Debt Redemption 
Oct. 1889; and National Debt Act, 1899, the balance (£41,217,348) of 
Three Per Cent. Stock outstanding on 1st April, 1889, was extinguished by 
conversion, pajrment off in cash. Up to 5th April, 1889, interest was at 
the rate of 3% per annum, and for the fourteen years ending with 5th 
April, 1908, at the rate of 2%% per annum. £60,000,000 issued in April, 
1901, at 94H%, and £32,000,000 in April, 1902, at 98^%. 

uai T Bii xnroBOx 8h% amkuttimb 

Issued £29,640,139. Outstanding £21,433,000. Interest January, April, 
July and October 6. Repayable at par in or after 1906 on not less than 



179 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

one month's notice, not less than £14,000.000 to be redeemed at one time. 
Transfers are free of stamp duty. 

Originally created in 1868, with the 8^% for the purpose of redeeming 
the South Sea Stock and certain old 8% Annuities. The South Sea and 
other Annuities Commutation Act gave to the holders of these Stocks 
the option of receiving, instead of money, £82 10s. per cent, of 8^%. or 
£110 of 2^%, or an Exchequer Bond for £100, bearing Interest at i%% 
until the 1st September, 1864, and thenceforth at 2^% until 1st Septem- 
ber, 1894. Under the National Debt Act, 1884 £19,280,401 Stock was 
created in exchange for Consols. Reduced Three Per Cents., and New 
Three Per Cents. 



UJI T BD XnrOBOX 2%% AMBVITIM M 

Issued £8.786,514. Outstanding (March. 1920) £2,688.179. Interest 
January, April, July and October 6. Repayable at par in or after 1906 
on not less than one month's notice. Transfers are free of stamp duty. 

Created under the National Debt (Conversion of Stock) Act, 1884, and 
offered to holders of the three descriptions of Three Per Cents, at the rate 
of £102 for each £100 of Consols. Reduced, or New Three Per Onts. 

UJI T BD xnroBOx 2%% or iwi 

(IMsli Owsranteed &and Stock) 

Issued £18,649,690. Outstanding £9,755.200. Interest January and 
July 1. Dated August 6, 1891. Redeemable after thirty years from 6th 
August, 1891, in accordance with National Debt Conversion Act, 1888, as 
if it were Stock redeemable under that act. Redeemable by a sinking 
fund of 1% per annum on the nominal amount of the capital. Dividend 
and sinking fund are payable out of the Land Purchase Account, any 
deficiency to be temporarily advanced out of the Consolidated Fund, 
advances to be subsequently repaid to the Consolidated Fund out of 
the Guaranteed Fund as provided by the Act. Transfers are free of stamp 
duty. Created under the Purchase of I>and (Ireland) Act, 1891. 



UVXTBD KXHOBOX OUABAVrBBD 2%% 8TOOK (1908) 

Issued £58.224.356. Outstanding £56.772.784. Interest January and 
July 1. Not redeemable until 1st November. 1988, on and after that 
date may be redeemed at par, at the option of the Oovemment, after three 
months' notice by advertisement. IDs. per cent per annum of outstimding 
advances is to be paid by the Land Commission to the National Debt 
Commissioners to be treated as a Sinking Fund for accumulation, and for 
this purpose, is to be credited to the Capital Account of the Irish Land 
Purchase Fund and applied to the purchase of the Stock, or invested 
in further advances under the Act, or temporarily invested in the purchase 
of securities approved by the Treasury. 

Created under the Irish Land Act. 1903. Issued as to £23,000,000, 
£6.000,000 in March, 1904, at 87%. £6,000.000 in January, 1906, at 88^%, 
£7.000.000 in June. 1906. at 89% and £6.000.000 in July, 1908 at 89^%, 
and as to £26.201,444 to the National Debt Commissioners, vis., £1,108,448 
in January, 1906. at 90%%, £1.097.996 in February, 1906, at £91 Is. 6d. 
per cent.. £1.000.000 in April, 1906. at £92. Os. 7d. per cent, £8,000.000 
in July, 1907. at £84 16s. per cent, £3.000.000 in October, 1907, at £84 
178. lid. per cent, £2,000.000 in April. 1908. at £89 16s. 7d. per cent. 



180 



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BRITISH ISMPIRE^UNITED KINGDOM 



£4,000,000 in April, 1909. at £86 10s. 7d. p«r cent, £4,000,000 in July, 
1909, at £86 Os. 6d. per cent., £1,000,000 in October, 1909, at £84 ISs. 
per cent., £2,000,000 in January, 1910, at £83 15s. 6d. per cent, £3,000,000 
in April, 1910, at £82 8s. Id. per cent, and £1.000,000 in June, 1910, at 
£82, 18s. 6d. per cent. The balance was issued direct to vendors, beinir 
the equivalent of the sums advanced takingr the price of issue at 92% 
in accordance with Sec. 8 (2) of the Irish Land Act, 1909. 

Dividends are paid out of the income of the Irish Purchase Fund, 
and if that income is insufficient will be charged on and paid out of the 
Consolidated Fund of the United. Kingdom. 



mrXTBD KZVOBOX 8% AOOAlb AOAVS STOCK 

Issued and outstanding £205,008,813. Interest January, April, July 
and October 5. Redeemable at par at the option of the Government, at 
any time on one month's notice. 

By the "National Debt and Local Loan Act, 1887," a separate fund for 
local loans was established under the control of the National Debt Com- 
missioners, and a Local Loans Stock was created. Local Loans Stock of 
a nominal amount not exceeding £87,000,000 may be issued by the Treasury 
to the National Debt Commissioners in exchange for Consols and other 
securities of an equivalent capital value held by the latter on account of 
trustee or Post Office Savings Banks. £86,526.057 Local Loans Stock was 
accordingly issued, and £6.658.969 Consols. ■ £7.300.000 Reduced Three 
Per Cents., £12,700,000 New Three Per Cents., and other securities were 
cancelled. Power was also given to the Treasury to create from time to 
time additional Stock within the limit annually fixed by Parliament. 

Interest payable out of Income Account, any insufficiency being charged 
on the Consolidated Fund. The stock is redeemable at par. on one 
month's notice at any time after twenty-flve years from 1st April. 1887. 
Accounts are kept, distinguishing the receipts and expenditure of the 
Local Loans Fund in respect of (1) Income and (2) Capital. All sums 
paid to the Local Loans Fund on account of the principal of any local 
loan are to be credited to the Capital Account of the Local Loans Fund. 
The Capital Account Is to be treated as a Sinking Fund for the redemption 
of the Stock, and may be employed from time to time (1) in the purchase 
or redemption of the Stock. (2) In the purchase of securities in which the 
National Debt Commissioners are authorized to invest money held by 
them on account of trustee or Post Office Savings Banks, and (3) in fresh 
advances to local authorities. If in any year the income of the Local 
Loans Fund is in excess of the expenditure, the excess shall be carried 
to a separate account, to be applied as Parliament may direct, and until 
such application shall be invested either in advances for local loans or 
tn the purchase of securities in which the National Debt Commissioners 
are authorized to invest money, and the annual income shall be Invested 
tn like manner and accumulated. 

Issues of Stock have been made by tender as follows: £2.500.000 in 
February, 1889 (averagp price. £108 78. lOd.); £2.000.000 in January, 
1900 (average. £99 lis. lid.); £8.000.000 in July, 1900 (average £.99 8s. 
7d.); £4.000,000 in January, 1901 (average. £98 Is. 6d.); £3.000.000 in 
October, 1901 (average, £98 16s.); £2,000.000 in January, 1902 (average, 
£100 88. 9d.); £2.000.000 in October, 1902 (average. £99 68. 7d.>; 
£2.000,000 in February. 1903 (average. £99 7s. 2d.); £8,000,000 In Janu- 
ary. 1904 (average. £96. lOs. Id.); £3,000.000 in June, 1904 (average. £98 

181 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



68. Id.). In addition, £6,860,501 was created in 1904 and £2.844.644 in 
1906 by Treaaury warrants, £6,000,000 Local Loans Bonds maturingr dur- 
ing those years were replaced by Stock. 

1920 Issue — In October, 1920, £16,000,000 was offered for public sub- 
scription at 50%. or £60 for each £100 face annount of stock subscribed. 

1921 Issue — In January, 1921, a further £16,000,000 was offered on 
the same terms as the October, 1920 Issue, 50 per cent, or £60 for each 
£100 face amount of stock subscribed. 

1922 Issue — In January. 1922. a block of £80,000.000 was offered for 
public subscription at £67 for each £100 face amount of stock subscribed. 



UVZTBD KnrOBOX OUASAITTBED 8% STOCK (1909) 

Issued and outstandlngr £64,311,844. Interest January and July 1. 
Irredeemable until December 8, 1989, but on and after that date it may 
be redeemed at par, at the option of the Government, after three months' 
notice by advertisement. Transfers are free of stamp duty. 

Created under the Irish Land Acts. 1908 and 1909. £4.000,000 issued 
in July, 1910, at 92%% and £9.600,000 to the National Debt Commis- 
sioners, viz.. £2,000,000 in April, 1911. at £91 lis. lid. per cent.* 
£2,500,000 in October, 1911, at £88 16s. lOd. per. cent.. £2,000,000 in 
January, 1912, at £86 4s. 4d. per cent., £1.600,000 in April, 1912, at £84 
19s. 2d. per cent, and £1,600,000 in July, 1912, at £81 9s. 4d. per cent 
The balance was issued direct to vendors, heing the equivalent of the 
sums advanced in accordance with Sec. 8 (8) of the Act of 1909. 



UVZTBD KZVODOX 8% XXCBBQ17SS XOV3>8 OV 1919 

Issued £7,380.000. Outstandiner £8,661.600. Dated January 1, 1918. 
Due January 1, 1980. Interest January, April, July and October 1. Issued 
privately, at par, after the close of the financial year 1911-12. Denomina- 
tions, coupon £100, £200. £500. £1.000 and £6.000. 



UVZTBD XXHODOX 3H% WAS l^AV Ol* 1914 
Crirst War Aoan) 

Issued £860.000.000. Outstandingr (Dec. 1921) £62.746,476. Dated 
November 17, 1914. Due March 1, 1928. Redeemable at par and interest 
on or after March 1. 1926. on 3 months' notice. Interest March and 
September 1. Principal and interest payable at Bank of Engrland. Coupon 
Bonds in denominations of £100, £200, £600 and £1,000 and Inscribed 
Stock. Inscribed Stock exchangreable for Bonds to Bearer at any time 
without charge, and Bonds to Bearer exchangeable for Inscribed Stock 
on payment of a fee of one shilling per bond.. Inscribed Stock trans- 
ferable in any sums which are multiples of a penny. 

The stock is an investment authorized by "the Trustee Act. 1898." 
and trustees may invest therein notwithstanding that the price may at the 
time of investment exceed the redemption value of 100. 

This issue originally contained no provision for conversion into a 
future loan a higher rate of Interest, but holders who also subscribed 

182 



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BRITISH EMPIRE— UNITED KINGDOM 



to the 4^% Loan of 1926-1946 were allowed to convert their holdlngrs 
into bonds of that issue to the amount subscribed. 

Subscriptions received from Nov. 17 to 24, 1914, at 95 to yield 4%. 
Number of subscribers, 100.000. 

Quoted "flat," 1. e., the accrued interest is Included in price. 



VHXTED XnrODOX 4H% WAS JbOAM or 1915 
(Saooad War Koan) 

Issued £900.867,691. Outstanding: (Dec, 1921) £12.804.541. Dated 
June 21. 1915. Due December 1. 1945. Redeemable at par and Interest 
on and after Dec. 1. 1925. on three calendar months' notice In the London 
Gazette. Interest June and December 1. Principal and interest payable 
at Bank of Engrland. Coupon Bonds in denominations of £100, £200* 
£500. £1,000, £6.000 and £10.000 and Inscribed Stock. Inscribed Stock 
exchangeable for Bonds to Bearer at any time without charge, and Bonds 
to Bearer exchangeable for Inscribed Stock on payment of a fee of one 
shilling per bond. Inscribed Stock is transferable in any sums which are 
multiples of a penny. 

The stock is an investment authorized by "The Trustee Act, 1893." 
and Trustees may invest therein notwithstanding that the price may at 
the time of investment exceed the redemption value of 100. 

Subscriptions received from June 21 to July 10, 1916, at 100 to jrield 
4.67%. Number of subscribers. 1.100,000. 

Quoted "flat," 1. e.. the accrued interest is included in the price. 



raxTBB KnroDOX watiowaxb BAYzmoB ommrmoA'. 

Issued and outstanding £308.000.000. Dated — ^BYom date of sale. — Due 
five years from date of sale. Interest compounded annually from date 
of purchase at 6.28% per annum and paid at the end of five years when 
the sum received includes both the origrinal investment and the com- 
pound Interest. No income tax isMeducted from or charged upon interest 
earned by War Savings Certificates nor does Interest have to be included 
in Income Tax Returns. No person may hold more than £600 maturity 
value. Certificates cannot be held by societies or funds without the 
consent of the Postmaster-General. Non-transferable except by permission 
of Postmaster-General and upon payment of one shilling for each transfer. 

Issued in certificates of £1 maturity value, or a single document may 
be obtained representing one, twelve or twenty-five certificates at any 
bank or post ofllce. Documents representing from twenty-six to five 
hundred certificates, both inclusive, issued upon application to the Comp- 
troller and Accountant-General of the Post Office. Elach certificates has a 
number and is registered at the money order department either direct or 
through local post offices where the signature of the owner is held." 
Certificates may be cashed at any post office upon application at cost 
price (15s. 6d.) at any time within one year after date of purchase. At 
the end of twelve months, certificates may be cashed for 15s. 9d. There- 
after the cash value increases one penny per month. Issue Price, 15s. 6d. 
(77.60%) per £1 certificate. Subscriptions offered continuously since 
Feb.. 1916. at 77.60 to yield about 5.169^r. 

188 



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GREAT BRITAIN 



WE MAINTAIN ACTIVE MARKETS IN ALL 
BRITISH ISSUES 



We specialize in all Foreign Securities 

and are prepared at all times to give 

quick and reliable service and 

close quotations 



INQUIRIES INVITED 



Abraham & Co^ 

Memben of the New York Stock Exchange 

27 WiUiam Street 
New York 

Cable AddreM: Abraco TeL Rector 1 & 2 

Correspondents in all financial centers 



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BRITISH EMPIRE}— UNITED KINGDOM 



mrXTBD xnrODOX 4% and 5% WAS JbOAM OOP 1917 
TliirA War Aoaa, 19S»-lt47 

Issued 4% Stock, £67,024.992 and 5% Stock, £1.928.783,861. Out- 
standiner* 4% Stock and 5% Stock (Dec. 31. 1921) £1.956.000.000. Dated 
January 11. 1917. Due. 4% Stock. October 16. 1942; 5% Stock. June 1, 
1947. Redeemable. 4% Stock, at par on and after October 15. 1929. and 
5% Stock, at par on and after June 1. 1929. at the option of Government 
upon 8 months' notice. 

Interest. 4% Stock, April and October 16; 5% Stock, June and Decem- 
ber 1. Principal and Interest payable at Bank of England. Coupon Bonds 
in denominations of £50. £100, £200, £600. £1.000 and £6,000, and 
Inscribed Stock. Stock is transferable in any sums which are multiples 
of a penny. Stock exchangeable for bonds to bearer at any time and 
bonds to bearer exchangeable for stock without charge. Powers of Attor- 
ney for the transfer of registered stock are free of Stamp Duty. 

Taxation: * Dividends on inscribed and regristered stock of the 6% 
Loan payable without deduction of Income Tax, but the income derived 
from such dividends is assessable to Income Tax in the hands of the 
recipients at the rates appropriate to their respective incomes. Dividends 
of the 4% Loan exempt from liability to assessment to British Income 
Tax other than supertax. For the purposes of supertax and in com- 
puting total income for the purpose of exemption, abatement, reduced 
rate of Income Tax on earned or unearned income, etc., the income 
derived from such dividends is treated as if the amount received repre- 
sented the net Income after deduction of Income Tax at the full normal 
rate. There is, however, no title to repayment of Income Tax in respect 
of such untaxed dividends. Principal and interest exempt from all 
British taxes, present and future, if shown in the manner directed by 
the Treasury, to be in the beneficial ownership of a person who is 
neither domiciled nor ordinarily resident in the United Kingdom. Divi- 
dends exempt from British Income Tax. present or future, if shown in 
the manner directed by the Treasury, that the stock or bonds are in the 
beneficial ownership of a person not ordinarily resident in the United 
Kingdom without regard to the question of domicile. 

The Treasury undertakes to set tuslde monthly a sum equal to one- 
eighth of one per cent, of the amount of each loan to form a fund to 
purchase stock or bonds of either loan for cancellation whenever the 
market price falls below the issue price. Whenever the unexpended 
balance of such fund reaches £10,000.000 the monthly payments for the 
time being will be suspended, to be resumed as soon as the unexpended 
Balance falls below £10.000.000. Stock retired and cancelled through 
operaUon of this fund up to Nov. 80, 1920. £110,676.000. 

Subscriptions received from Jan. 11 to Feb. 11. 1917. at following 
prices: 48, at 100 to yield 4% and 6s at 96 to yield 6.84%. Number of 
subscribers, 6,289,000. 

Quoted "fiat," i. e., the accrued interest is included in the price. 

18B 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



Redeemable 
on 

1, 1922 
1. 1924 
1. 1927 
1, 1927 
1, 1923 
1. 1925 
April 1. 1928 
April 1, 1928 
1, 1923 
1. 1926 
1. 1928 
1, 1928 
1, 1924 
1, 19*29 
1, 1929 



Oct. 

Oct. 

Oct. 

Oct. 

April 

April 



Sept 
Sept. 
Sept. 
Sept. 
Feb. 
Feb. 
Feb. 



I^^eemable 
at 
102 
103 
105 
100 
102 
103 
105 
100 
102 
103 
105 
100 
102 
105 
100 



ODOX 6% JJVD 4% VATZOVAlb WAS XOVB8 

Issued and outstandiner £1,197,824.500 in four series, from Octoberp 
1917, to May. 1919. Dated from date of purchase. Interest rates, payment 
dates and dates of maturity as follows: 

Interest 
Issues Rate Payable 

First Series 5% April and Oct. 1 

First Series 5 April and Oct. 1 

First Series 5 April and Oct. 1 

First Series 4 April and Oct. 1 

Second Series 5 April and Oct. 1 

Second Series 5 April and Oct 1 

Second Series 6 April and Oct. 1 

Second Series 4 April and Oct. 1 

Third Series ,5 Mar. and Sept 1 

Third Series 5 Mar. and Sept 1 

Third Series 5 Mar. and Sept. 1 

Third Series 4 Mar. and Sept. 1 

Fourth Series 5 Feb. and Aug, 1 

Fourth Series 6 Feb. and Aug:. 1 

Fourth Series 4 Feb. and Augr. 1 
Principal and interest payable at Bank of England. The first second 
and third series were issued in coupon bonds of £50, £100, £200. £500, 
£1,000 and £5,000. 5% bonds issued in £5 and £60 denominations 
through British Post Offices. Fourth series was issued in bearer bonds; 
registered bonds transferable in Bank transfer books or by deed; and 
registered coupon bonds, being as to denominations the same as the other 
series. 

Principal and interest exempt from all British taxation, present or 
future, if shown in the manner directed by the Treasury to be in the 
beneficial ownership of a person neither domiciled nor ordinarily resident 
in the United Kingdom. Interest on 6% Bonds of this issue exempt 
from British Income Tax, present or future, if bonds are shown in the 
manner directed by the Treasury to be in the beneficial ownership of a 
person not ordinarily resident in the United Kingdom without regard to 
question of domicile. Where such a bond is in the beneficial ownership 
of a person entitled to exemption under these provisions, the relative 
coupons will be paid without deduction for Income Tax or other taxes, 
if accompanied by a declaration of ownership in such form as may be 
required by the Treasury. Interest on 4% Bonds exempt from liability 
to assessment to British Income Tax other than supertax. For the pur- 
poses of supertax and in computing total Income for the purpose of 
exemption, abatement, reduced rate of Income Tax on earned or unearned 
Income, etc., the income derived from such interest will be treated as If 
the amount received represented the net income after deduction of Income 
Tax at the full normal rate. There is. however, no title to repayment of 
Income in respect of such untaxed Interest. 

6% Bonds convertible within fourteen days after any interest date and 
as on such interest date, into 6% War Loan, 1929-1947 at the rate of 
£100 5% War Lioan, 1929-1947 for each £95 nominal value (excluding 
any redemption premium) of 5% National War Bonds converted. 4% 
Bonds convertible at the same time and in like manner into 4% War 
TjO&n 1929-1942 at the rate of £100 4% War Loan 1929-1942 for each 



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BRITISH EMPIRE— UNITED KINGDOM 



£100 nominal value of 4% National War Bonds converted. The first 
Interest payment on 5% War L.oan 1929-1947 or on 4% War Lioan 1929-1942 
issued in lieu of National War Bonds converted, will be for the period 
between the date conversion and the next succeeding:, interest date of the 
loan into which the bonds have been converted. Subscriptions for first, 
second and third series received continuously from Oct 2, 1917, at 100 
to yield 4% and 100 for 5s to yield 5.35%, 5.36% and 5.38% respectively 
for Oct. 1, 1922, Oct 1, 1924 and Oct. 1, 1927 maturities. Fourth series 
Sssued from Feby 1, 1919, to May 31, 1919, the 5s at par and tCe 4s at 
101%. 



Uai T gl» XXVODOX aO-YXA» 6Vi% BOWD8 Ol* 1917 
<A]B«rloaa ZMrais) 

Issued and outstanding: $148,587,000. Dated February 1, 1917. Due 
February 1, 1937. Not redeemable before maturity. Interest February 
and Aus:ust 1. Principal and interest, in gold, in the United States at 
J. P. Morgan & Co., New York, or in London in sterling at the fixed rate 
of $4.86% per pound. Exempt from all present and future British taxes. 
Coupon bonds of $100, 1500 and |1,000, re8:isterable as to principal, and 
interchangeable in amount of $1,000, or multiple thereof, for fully regis- 
tered bonds. 

Issued at par in conversion of United Kingdom of Great Britain and 
Ireland 5%% secured convertible notes, due Feby 1, 1919. 



Uai T lU> KXHOBOX 3% BZOOnQUSm BOVB8 or 1918 

Issued and outstanding £15,640,000. Dated January 28, 1918. Due 
January 28, 1930. Interest January and July 28. Bonds are in denomina- 
tions of £100, £600, £1,000 and £5,000. These bonds were Issued in 
exchange for a like amount of Russian Government Sterling Treasury 
bills which became due in London on January 28, 1918. 



UMA T m> XZVOBOX 5^% OOVTBmTZB&S &OAV OV 1919 
AiBMioaa Zmnie 

Issued (see Note) 3-year convertible notes $101,620,900; 10-year 
convertible bonds, $148,879,100. Dated November 1, 1919. Due 8-year 
notes, November 1, 1922; 10-year bonds, August 1, 1929. Interest February 
and August 1. Principal and interest payable in U. S. gold at J. P. 
Morgan & Co., New York, without deduction for any British taxes, present 
or future. Denominations — Both Bonds and Notes in coupon form of 
$100, $500 and $1,000; the bonds are re8:i8terable as to principal. 

Both issues are convertible at the option of the holder at 100 and 
interest into 5% British National War Bonds, Fourth Series, due Febru- 
ary 1. 1929, which are payable at maturity at 105. For the purpose of 
conversion, sterling exchange is at the fixed rate of $4.30 to the pound. 
Ck»nversion of the ten-year Bonds may be made at any time prior to 
February 1, 1929. Conversion of 3-year Notes may be made at any time 
prior to November 1, 1922, notice to be given prior to September 1, 1922, of 
conversions to be made on or after that date. The following table shows 
the amounts which a holder of Bonds or Notes of this issue would 
realize in dollars, assuming that such National War 5% Bonds were sold 
in the London market at 100, or were paid at maturity at 105, and the 
proceeds converted into dollars at varying rates of exchange: 

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• KIMBER'S RECO RD OF OOVERNMBNT DEBTS 

» 

Amount Realized for each $100 of Bonds or Notea. 
Based on Based 

Sale of National upon Maturity 

Rate of Exchange War Bonds at 100 Value of 106 

4.80 1100. 1105. 

4.40 102.34 107.46 

4.50 104.67 109.90 

4.60 106.99 112.84 

4.70 109.32 114.79 

4.80 111.64 117.22 

4.8665 (parity) 113.19 118.85 

Offered in October. 1919, by J. P. Morgran & Co., heading a syndicate 
comprising leading banks and bankers throughout the United States. 
The ten-year Bonds were offered at 96^ and interest, to yield over 6%; 
and the three-year Notes at 98 and interest yielding 6%%. 
Listed on the New Tork and London Stock Exchange. 
irot«<— Up to March 31. 1921. 122.464.700 of Bonds and $6,513,700 of 
Notes had been converted. 



UVZTXD KnrODOX 4% TXOTOBT BOV3>8 Ol* 1919 

Issued £859.536,000. Outstanding £846.000,000. Dated June 12. 1919. 
Redeemable by 1976 at par by annual drawings, beginning September 1, 
1920. on a cumulative sinking fund of ^% per annum. Interest March 
and September 1. Principal and interest payable at the Bank of England 
or the Bank of Ireland. Coupon bonds of £50, £100. £200. £500, £1.000 
and £6,000. registerable at the Bank of England. Registered bonds are 
"transferable by deeds" and may be converted in bonds to bearer by means 
of a transfer. 

The Oovernment undertakes to set aside at the close of each half-year 
a sum equal to 2%% on the nominal amount of the bond origrinally 
created. After deducting therefrom the amount required for payment of 
interest, the balance of the sum to set aside will be carried to a sinking 
fund which will be applied by means of annual drawings to the redemption 
of the Bonds at par (including bonds which have been surrendered to the 
Commissioners of Inland Revenue for death duties as hereinafter pro- 
vided), the Bonds to be redeemed in each year being determined by lot 
and paid off on September 1. 

This issue is acceptable at face value by the Commissioners of Inland 
Revenue as the equivalent of cash, with adjustment of interest, in satis- 
faction of amounts due on account of death duties. Bonds surrendered 
under these provisions will be held for account of H. M. Oovernment 
until drawn for redemption as above provided. 

Regulations as to exemption from taxation are similar to those for 
the 4% Funding Loan. 

Issued between June 18 and July 12. 1919, at 85 on fully paid or 
Installment allotments. 

mnrxD kxhodox 4% rmrozvo aoav or i9i9 

Issued £409,111.000. Outstanding £408.967.000. Dated June 18. 1919. 
Due May 1. 1990. Redeemable at par on and after May 1. 1960. at option 
of Government on 8 months' notice. Interest May and November 1. 
Principal and interest payable at Bank of England or the Bank of Ireland. 



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BRITISH BMPIRB— UNITBD KINQDOH 



Stock or coupon bonds to bearer, the bonds being In denominations of 
£50, £100, £200. £600. £1,000 and £5,000. Stock and bonds Inter- 
chansreable without charsre. 

The Govemment undertake to set aside at the close of each half-year 
a sum equal to 2%% on the nominal amount of the Loan originally 
created. After deducting therefrom the amount required for payment of 
Interest, the balance of the sum so set aside will be carried to the 
Sinking Fund which will be applied during the succeeding half-year to the 
purchase of the Loan for cancellation if the price is at or under par; 
when the price is above par it will be either so applied or otherwise 
invested under the control of H. M. Treasury. 

This issue is exempt from all British taxation, present or future, so 
long as it is shown in the manner directed by the Treasury that the 
stock or bonds are in the beneficial ownership of persons who are neither 
domiciled nor ordinarily resident in the United Kingdom of Great Britain 
and Ireland. Further, the interest payable ftom time to time in respect 
of this issue will be exempt from British Income Tax. present or future, 
so long as it is shown in the manner directed by the Treasury that the 
stock or bonds are in the beneficial ownership of persons not ordinarily 
resident in the United Kingdom of Great Britain and Ireland, without 
regard to the question of domicile. Where bonds are in the beneficial 
ownership of a person entitled to exemption under these provisions, the 
relative coupon will be paid without deduction for income tax or other 
taxes if accompanied by the declaration of ownership in such form as 
may be required by the Treasury. 

Issued between June 18th and July 12, 1919, at 80 in fully paid and 
installment allotments. 



UJ i A T im xzvoBOx 694% BzoonQinn mowdm or imo 

Issued £166.746,985.. Outstanding £134,929.697. Dated Jan. 1, 1920. Due 
February 1, 1925, or upon notice by the holders during January 1921, 
1922 and 1928 requiring payment on February 1, of the following year. 
Interest February and August 1. Principal and interest exempt from all 
British taxation, present or future, if the owner is not a resident of the 
United Kingdom. Coupon bonds pf £50, £100, £200, £500, £1,000 and 
£5.000, which may be registered at the Bank of England or the Bank of 
Ireland. Coupon and registered bonds are interchangeable. Bonds of 
£5, £20 and £50 were issued by British Pest Offices. 

Issued between January 19 and February 28, 1920. at par for cash and 
in conversion at 6%, 8% and 5% Exchequer Bonds falling due February 
16, March 24 and December 1, 1920. respectively. 

uaA T m> KnroDOX 6% &oav or i9ao bus 1935 

»-16 year Treasury Sends SerUs «▲" and **B'* 

Issued and outstanding. Series "A.*' £23,606,000; Series "B," not avail- 
able. See below. Dated from date of subscription. 

Interest is at the minimum rate of 5 per cent, per annum payable half- 
yearly M4y and November 1 and, subject to the conditions stated below, 
will carry additional interest payable during the period ending May 1, 
1925, as follows: If and when during any half-year ended May or Novem- 
ber 1st. the Treasury Bills issued to the Public were sold to them at an 
average rate of discount (as certified by the Bank of England) exceeding 
6^% and under 6%% per annum. Additional interest will be payable on 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

the Interest date next succeeding: such May or November 1st. at the rate 
of 1% per annum. If and when such average rate of discount was 6^% 
per annum or over additional Interest will be paid as above at the rate 
of 2% per annum. (See Note below.) 

Principal Is repayable at par on May 1, 19S6. or on May 1 In any one of 
the years 1925 to 1984 inclusive at the option of the Government or of 
holders of the bonds on notice having been grlven by the Treasury or 
the holders during the month of April in the year preceding that In which 
such repayment Is to take place. 

Issued In denominations of £60, £100, £200, £500, £1.000 and £6,000, 
as fully registered bonds or as bearer bonds with coupons attached, which, 
however, may be registered free of cost In the books of the Bank of 
England, or of the Bank of Ireland, as (1) Transferable In the Bank 
Transfer Books, or (2) Transferable by Deed. Registered Bonds are 
transferable In any sums which are multiples of £6 and may be re- 
converted at any time In whole or In part (In multiples of £50) Into 
bonds to bearer with coupons attached. 

Offered for public subscription In Great Britain, Series "A" continu- 
ously from May 1 to October SI, 1920; Series "B" on continuous sale 
beginning November 2, 1920. Price of issue 100 flat, ];>ayable In full on 
application, the amount of first semi-annual Interest pajrment being 
computed from date of subscription. 

VOTBi Vaymmt of IMerMt— On November 2, 1920, the British Treas- 
ury announced that the Bank of England having certified the average 
rate of discount at which Treasury bills were Issued to the public during 
the half-year ended November 1, 1920, to be 6% per cent, per annum, addi- 
tional interest at the rate of 2 per cent, per annum (making 7 per cent 
per annum) would be payable upon Treasury Bonds 1985 on the next 
Interest date, namely, May 1, 1921, this interest rate applies to bonds of 
both sertes "A" and "B.'* 

On March 10. 1921, It was announced that coupon due November 1, 
1921, would be paid at S%, that Is, 6% per annum. 

In November, 1921, it was announced that the Bank of England 
having certified that the average rate of discount at which Treasury bills 
were issued to the public during the half-year ended November 1st did 
not exceed 5^% per cent, per annum, no additional Interest would be 
payable upon Treasury bonds, 1986. on the next interest date, MSay 1, 1922. 



UVZTBD KZirODOlK 9H% OOVTSS8XOV &OAH 07 1921 

Issued and outstanding £266,000,000. Dated April 1, 1921. Interest 
April and October 1. Repayable at par on and after April 1, 1961, upon 
three months' notice. Inscribed stock transferable in the book, registered 
stock transferable by deed, or Bonds to Bearer In denominations of £50, 
£100. £200, £500, £1,000 and £6,000. All interchangeable without payment 
of any fee. 

Sinking fund equivalent to not less than 1% of the loan outstanding 
at the close of any half-year during which the average dally price has 
been below 90 shall be employed during the succeeding half-year in the 
purchase of bonds in the market for cancellation. 

Issued April. 1921, In exchange for 5% National War Bonds due on or 
before September 1. 1925. on the basis of 8H% Conversion Loan In ex- 
change for each £100 nominal of 5%. National War Bonds as follows: £168 
Conversion Loan for £100 In bonds due October 1. 1922; £162 for £100 in 
bonds due April 1 and September 1, 1928; £161 for £100 in bonds due 



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BRITISH EMPIRE— UNITED KINGDOM 



February 1 and October 1, 1924; £160 for £100 in bonds due April and 
September 1, 1925. 

UJA T JiJU KXVODOX 5H% «mBASU»T BOVBS 1921-1989 
(S«lM "A" and "B") 

Issued and outstandlngr £120.000.000. Interest April and October 1. 
Repayable at par, April, 1929. Exempt from Corporation Profits Tax. 

Denomination £60, £100. £200. £500. £1.000 and £5.000 either in 
re^stered form or in bonds to bearer. Registered Bonds reconverted at 
any time in whole or in part into Bearer Bonds. Re^stered free in the 
books of the Bank of Engrland or the Bank of Ireland, as transferable 
in the bank transfer books, or transferable by deed. 

Convertible at the holders option as on April 1. or October 1, 1922. 
Into 3H% Conversion Loan at the rate of £146 Conversion Loan for each 
£100 of bonds converted. 

Offered, Series "A" from July to September, 1921, at 97 and interest. 
Series "B** in October, 1921, at 98 and interest. 

VaZTSD KXVODOIK 5H% TMMAMUWT BOVB8 1901-1930 

Issued and outstandinsr £153.000,000. Interest May and November 15. 
Due May 15. 1980. Exempt from Corporation Profits Tax. Denomination: 
Coupon and re^stered, £60, £100. £200, £600, £1,000 and £5,000. Regis- 
tered free in the books of the Bank of England or the Bank of Ireland 
as transferable in the bank transfer books, or transferable by deed. 

Not redeemable before maturity. Not convertible into any other issue. 

Offered November 80, 1921, for continuous sale until January, 1922, at 
99 and interest 



vmxrmD saraBOX 8% TmMAMumr bowbs 1990-1997 

Issued and outstanding £40.000.000 (March 18, 1922). Dated February 
1, 1922. Principal repayable at par February 1, 1927. Interest February 
1 and August 1. Interest exempt from Corporation Profits Tax only. 
Denominations coupons £50, £100. £200, £500, £1,000 and £5,000. Begis- 
terable without charge on the books of the Bank of England or the Bank 
of Ireland as "Transferable in the Bank Transfer Books" or "Transferable 
by Deed." Registered Bonds transferable in any sums which are multiples 
of one penny, and may be reconverted at any time, in whole or in part, 
in multiples of £50, into bonds to bearer with coupons attached. 

Offered for public subscription in January, 1922, by the Bank of Eng- 
land, London and others at 99. No installment payments. 



eVABABTBBB BOWB8 

In addition to the various loans described in the foregoing, the United 
Kingdom of Great Britain and Ireland has guaranteed these loans, de- 
scriptions of which will be found under their respective countries: 

BgypUan 8% Loan £6,288,900 

Greek 8%% Loan of 1898 4,482,400 

Mauritius Government Z% Inscribed Stock of 1898 . . 600,000 

Sudan 6% % Loan of 1919 8.500,000 

Transvaal Government 8% Stock (1908-1904) 26.497,202 

Transvaal Government 8% Stock (1909-1910) 4,225.008 

Turkish 4% Loan of 1865 8.816,200 

Zansibar 8% Loan of 1901 100.000 



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AUSTRALIA 



The Commonwealth of Australia comprises the States of New South 
Wales, Victoria, Queensland, South Australia, Western Australia, 
Tasmania, the North Territory and the Federal District. 

8,974,581 square miles. 

VOVmbATZOV 

1921 (Census), 5.419,702. 
1919 (Estimated), 5,247,019. 
1918 (Estimated), 4.981,000. 
1917 (Estimated), 4,895,894. 
1911 (Census), 4,455,005. 

VATZOVAZi WSAIiTX 

The National Wealth of Australia is estimated at about £1.648,000,000. 
Sheep raising is the most important industry. Area under cultivation 
is 14,800,000 acres, chiefly in wheat and other cereals, sugar-cane and 
vineyards. 

M^ineral wealth is also important Value of mineral production in 1919 
was £19,705.228. chiefly coal, gold, silver, lead and copper. Production in 
1918 was £26,155,649. 

mallwajs 

The total railway mileage of Australia is 25.956. of which 1,782 are 
owned and operated by the Federal Oovemment and 21,414 by the States. 
Of the latter, the New South Wales lines comprise 5.105 miles; Victoria. 
4,214; Queensland. 5.685; South Australia. 2.338; Western Australia, 8.638; 
and Tasmania. 629 miles. 

Out of the 2,810 miles of private railway, only 969 are open for general 
traflio; the rest are used for special purposes, mainly coal and ore carrying, 
and serve their owners only. The 969 miles of privately owned road, 
which are open to general trafllc. belong chiefly to three companies that 
were chartered many years ago before the formation of the Commonwealth. 

The Federal railways consist of the Transcontinental, running 1.051 
miles across the desert and connecting the State systems of South 
Australia and Western Australia; the Port Augusta-Oodnadatta line. 478 
miles north into the desert from the eastern terminus of the Trans- 
continental; 198 miles of line in the Northern Territory; and 6 miles in 
the Federal (Capital) Territory. 

The total cost of the Federal Railways, as of December 81. 1921, was 
£11.094.910. Deflcit from operation in year ending June 80. 1921, was 
about £500.000. 

aovsuniEVT avb mrAjroBS 

The Australian Commonwealth is an "indissoluble** federation of the 
self-governing British Colonies of New South Wales, Victoria, South Aus- 
tralia, Western Australia. Queensland and Tasmajiia. The constitution of 
the Commonwealth, adopted in 1911 (63 and 64 Vict, Chap. 12) provided 
for a Governor General (appointed by the British Crown), an Executive 
Gouncil, and a Parliament consisting of a Senate and House of Represen- 
tatives. The Executive Council, which corresponds 'to the British Cabinet, 

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BRITISH EMPIRE— AUSTRALIA 



is composed of members of the Parliameat All Commonwealth revenue 
bills must orisrinate in the House of Representatives, and the Senate is 
forbidden by the constitution to amend any proposed laws imposingr taxa- 
tion or appropriating revenue or money for the ordinary annual services of 
the government or to increase any proposed charge or burden on the 
people. 

The Commonwealth constitution gives the parliament power to make 
laws with respect to taxation, but so as not to discriminate between 
States or parts of States. The power of the Commonwealth to levy cus- 
toms and excise duties is exclusive, but it appears that as regards all 
other forms of taxation the States and the Commonwealth possess con- 
current powers. The States having surrendered their right to levy customs 
and excise duties to the Commonweaith it is provided by the Australian 
constitution that the surplus revenue from these sources be paid over to 
the States. Under the "Surplus Revenue Act," 1910, the amount payable 
annually by the Commonwealth to the States is to be equivalent to 26 
shillings per head of population. Thifi is exclusive of a special grant to 
Tasmania. 

Both the Commonwealth and the States have the power to contract 
debts and have loans outstanding. By a Commonwealth law approved by 
referrendum vote in April, 1910, provision is made for the assumption of 
the State debts by the Commonwealth Government, but no action in the 
matter seems to have been taken. However, the Commonwealth was 
authorized to borrow £8,940,000 in the United Kingdom in 1916 and 
£8,000.000 in 1917 and lend the amounts to the States. Additional sums 
have also been advanced by the Commonwealth to the States, repayable 
within five years after the termination of the war. 



Monetary Unit— Pound Sterling (£)=|4.8665 U. S. 
Gold Coins Minted — Sovereign (=£1) and Half -Sovereign. 
Paper Currency — By the Australian Notes Act of 1910 Notes were 
issued by the Treasury of the Commonwealth, and by the end of 1911 
the bank notes theretofore in circulation were withdrawn. Additional 
Issues of Commonwealth Notes have been authorized from time to time. 
Denominations are £1, £5 and higher. 

Notes Gold 

Outstanding Reserve 

£ £ 

December SI. 1921 55,500.000 23,700.000 

June 80, 1921 68.225,787 28.900,000 

June 80, 1920 56,768.531 28.658,092 

June 27, 1917 47,201,664 15,244,692 

March 81. 1916 26,666.259 10.111,101 

In January, 1921. a Bill to transfer the management of the Australian 
Government note issue from the Treasury to the Commonwealth Bank 
passed through Parliament and it was stated that the Government had 
made arrangements with the banks by which they would continue to hold 
notes without presenting them for gold at the Treasury. The amount 
of notes issued from the Treasury at June 30. 1920. was £56.768.531, 
against which gold coin amounted to £23.658.092, leaving £33.110.439 
uncovered. Out of the total of 56% millions, the public held about 22 
millions and the banks about 84% millions (inclusive of 2 millions held 
by the Commonwealth Bank), these being approximate flgures. The un- 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



covered portion of the note issue at June 80, 1920, was represented by 
Commonwealth and State Government securities, includlnsr those Issued 
to represent certain public works expenditure, and by advances and fixed 
deposits with sundry banks. 

rOBSZOV OOMMBBOB 

(In U. S. dollars) 

Tear Per Cent. Per 

ended Total Imports from Total Exports Cent 

June SO Imports from U. S. U. S. Exports to U. S. to U. 8. 

1921.. See Note 

1920 . . See Note f 119,912,000 t46,982.000 

1919.. 461.596,000 tl82.275,000 28.7 495,712,000 t41.602.000 8.4 

1918.. 295,160,000 73,937,000 26.0 846.492,000 50.674,000 14.6 

1917.. 869.342,000 75,682,000 20.4 425,329.000 10,524,000 2.6 

1916.. 376,737,000 74,654,000 19.8 311,838,000 85,763,000 27.5 

1916.. 818,189,000 46,688,000 14.8 294,480,000 24,046,000 8.1 

•1918.. 888,102,000 68,087,000 13.7 365,426,000 12,632,000 8.5 

•1912.. 880,369,000 52,884,000 18.8 369,667,000 9,815,000 2.7 

•1911.. 825,897,000 37,706,000 11.6 870,868,000 7,003,000 1.9 

•1910.. 292,060,000 81,607,000 10.8 849,691.000 7,602,000 2.2 

•Tear ended December 81. 

The above figures include bullion and specie. 

The amounts shown as the participation of the United States are 
corrected flgrures showingr total imports from and exports to the United 
States without regard to port of shipment. Some of these shipments go 
through London. 

Values of imports are based on current market prices in the country 
whence the merchandise was Imported, plus 10 per cent. Values of 
exports are based on current market prices in the Commonwealth. 
Australian Government official figures for total foreign trade are: 
Tear ending Total Imports Total Exports 

June 30 £ £ 

1921 163,833,000 131,925,000 

1920 98,974,292 149,828,509 

1919 102,335,169 118,963,976 

1918 62,334,449 81,429,221 

1913 79,749.668 78.571,769 

CKITBBWIEBVT BBTBBVB ABB BZFBBBZTVBB 

Tear ended Actual Actual 

June 30 Revenue Expenditure 

£ £ 

1921* 63,365,000 68,873,000 

1920 62,783.000 60,668.000 

1919 40.670,000 46,248,000 

1918 86,803,000 84,976.000 

1917 34,035,173 87.566.719 

1916 80,627,948 66,260,436 

1916 22,419,798 88,116,263 

1914 21,740,428 28.161.327 

1913 21,907,804 21,907,084 

1912 20,648,520 20,648,620 

•Budget estimates. 

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BRITISH EMPIRE— AUSTRALJA 



The amounts shown for Expenditure Include in each year about 
£6,800,000 contribution from the Commonwealth to the revenues of the 
States. The expenditures for 1916 and 1917 include loan expenditure. 

The Commonwealth budget for the financial year endlnsr June 30, 1922, 
shows an estimated deficit of £2,817,108. A comparison of the estimated 
revenue and expenditure for 1921-22, with actual figures for the two previ- 
ous years. Is as follows: 
Revenue and 
Expenditure 1919-20 1920-21 1921-22 

Taxation £41,101,730 £62,229.493 £47,281.000 

Other revenue 11,681,372 13,288,116 14.606.360 

Gross revenue... 62.783,102 66,617,608 61,787.350 

Deduct payments to 

States 6.720,492 6.840.163 7.022.600 

Net revenue 46.062.610 68.677.446 54,764,860 

Expenditure 48,860,862 67.783.924 67.681,968 

Surplus .... 2,201,748 893.621 

Deficit 2,817,108 

The reduced estimate for receipts from taxation is due to a decline in 
customs revenue, which is estimated at only £16.106,000. against £21,- 
731.210 received in 1920-21 as the result of exceptionally heavy Importa- 
tions. The expenditure of £67,681,968 includes £18,910,660 for interest 
on war and other Commonwealth debts (excluding Interest on loans issued 
In London on behalf of the States), against £17,246,381 In 1920-21 and 
£15.366,700 in 1919-20. 

In addition to expenditure out of revenue, expenditure out of loans is 
estimated at £11,196.000 for war and repatriation purposes and £6.697.174 
for public works. These two last amounts, of course, are not included 
In the above figures. 



The total war expenditure to 80th June, 1920, including repatriation 
expenditure since the armistice, amounted to £381.149,019, including in- 
terest and sinking fund on war debt and pensions paid annually up to 
that date. Of the total, £70.716,184 was paid out of revenue, and £810.- 
432,836 out of loans raised within Australia and from the British Govern- 
ment During the 1920-21 financial year the war and repatriation expendi- 
ture is estimated at £62.241,931. bringing the total since 1914 up to 
£443.390,960, of which £107.668.116 Is charged against revenue and 
£836.832.835 against loans. This, however, does not include the post-war 
gratuities to soldiers, estimated at £30,000.000. 

VATZOVAZi FVB^ZO DBBT 

According to a recent ofllcial statement, the public debt of the Com- 
monwealth on June 80, 1921, amounted to £401,720,024. This has since 
been increased by a £10,000,000 loan In September, 1921, and the total at 
December 81, 1921, therefore, was £411,720,024. This figure compares 
with £826,784,000 at December 81, 1919, and £200,601,000 at December 
31. 1918. 

[over] 
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KIMBER'8 RECORD OF GOVERNMENT DEBTS 

The flgrures of Commonwealth and State debts involve some duplica- 
tions. The Commonwecath debt includes loans raised in Liondon during 
the war period on behalf of the States £16.760,000. and liability to the 
States for properties transferred £11,440,382, while the Commonwealth 
has advanced £12,120,806 to the States for soldiers' repatriation purposes 
out of its War Loans. 

The combined indebtedness of the Commonwealth and the various States 
is eriven as £833,000,000 (as of November 1, 1921). This works out to 
approximately £156 per capita. Of the total amount, about £28,000,000 
falls due within the year 1922. 

Debt to BrltUh OoTemniMit 

As of May 81, 1921, the Commonwealth Government was indebted to 
the British Government in the amount of £86,982,000 for sums borrowed 
during the War for transport and maintenance of Australian troops. 

By arrangrement between the two Governments the above amount is 
considered funded debt of the Australian Government, which pays to the 
British Government annually a sum equal to 6% on the face amount. This 
covers a service of interest and sinkinsr fund calculated to extlngruish 
the obligation within 37 years. 

(Jovemment Bond Issues in Detail 

AUCTBAT.TAW GOV'T 4H% WAm KOAIT 07 JUVS 16, 1915 
(7irst War Koaa) 

Due Dec. 15, 1925. Issued and outstanding £18,389,440. Interest 
payable June 15 and Dec 16 free of exchange at any branch of the 
Commonwealth Bank of Australia throughout the Commonwealth. Not 
redeemable before maturity. Principal payable at the offices of the 
Commonwealth Bank of Australia in Sydney, Melbourne, Brisbane, Adelaide, 
Perth or Hobart. Bonds and transfer of inscribed stock free of Com- 
monwealth and State Stamp Duty and interest free of Conunonwealth and 
State Income Tax. Coupon Bonds, £10, £100, £600 and £1,000, and 
Inscribed Stock, £100 and multiples of £10 over £100. Inscribed Stock 
and Coupon Bonds interchangeable at any time upon application in 
writing to the Commonwealth Treasury, Melbourne, or any branch of 
the Commonwealth Bank of Australia. 

An investment . authorized by the Trustees Acts of the several States, 
and trustees may invest therein notwithstanding that the price may at 
the time of investment be above or below the redemption value of par. 
Bonds and Inscribed Stock accepted at par in payment of probate and 
succession duty due the Commonwealth. 

Subscriptions were received from July 24 to Aug. 81, 1915, at 100, to 
yield about 4.70% (a full six months' interest was paid Dec. 16, 1916). 
Number of subscribers, 18,748. 

AU8T»A3UAar aoYT 4H % WAm KOAjr or dso. ib, 1916 

(Second War Koaa) 

Due Dec 15. 1925. Issued and outstanding £21,655,680. Interest pay- 
able June 15 and Dec. 15 free of exchange at any branch of the Com- 
monwealth Bank of Australia throughout the Commonwealth. Not re- 
deemable before maturity. Principal payable at the offices of the Com- 



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BRITISH EMPIRE— AUSTRALIA 



mon wealth Bank of Australia In Sydney, Melbourne, Brisbane. Adelaide, 
Perth or Hobart. Taxation and other features same as for First War 
Loan. Coupon Bonds, £10. £100, £500 and £1,000; and Inscribed Stock, 
£100 and multiples of £10 over £100. Inscribed Stock and Coupon Bonds 
interchangeable at any time upon application in writing to the Common- 
wealth Treasury, Melbourne, or any branch of the Commonwealth Bank 
of >ust'*«»Ua. 

Subscriptions were received from Dec 1, 1915. to Jan. 81, 1916, at 100, 
to yield about 4.68% (a full six months' interest was paid June 16. 1916). 
Number of subscribers, 28.946. 

AlWrmiTiTAW CM>T'T 4H% WAM KOAH 07 JTOB 16, 1916 
CTblrd War Koaa) 

Due Dec. 15. 1925. Issued and outstandlngr £23.587.420. Interest pay- 
able June 15 and Dec. 15, free of exchange, at any branch of the Com- 
monwealth Bank of Australia throughout the Commonwealth. Not re- 
deemable before maturity. Principal payable at the ofBces of the Com- 
monwealth Bank of Australia in Sydney, Melbourne, Brisbane, Adelaide, 
Perth or Hobart. Taxation and other features same as for First War 
Loan. Coupon Bonds, £10, £100. £500 and £1.000; and Inscribed Stock, 
£100 and multiples of £10 above £100. Inscribed Stock and Coupon 
Bonds interchangeable at any time upon application in writing to the 
Commonwealth Treasury, Melbourne, or any branch of the Commonwealth 
Bank of Australia. 

Subscriptions were received from June 1 to Aug. 1, 1916, at 100, to 
yield about 4.67% (a full six months' interest was paid Dec. 15, 1916). 
Number of subscribers, 102.042. 

AiwrmiTiTAw Qoyrr 6^% DXBBVTxrBBS or juva, i9i6 

Due Aug. 1, 1922. Issued £4.000,000. Interest February and August 1. 
Denominations, £10, £100, £500 and £1,000. Repayable at par Aug. 1, 
1922. Optional after Aug. 1, 1920, at par, on three months' notice. All 
payments made by the Commonwealth Bank of Australia, London. Stock 
transferable free of stamp duty. 

Issued at par in London to meet cost of public works in Victoria, 
Queensland, South Australia, Western Australia and Tasmania. Of the 
total £4,000,000, £2.598,420 is in stock and £1,406.580 In bonds. 

AUgrmiT.TAW OOTT 4H% WAB KOAH 07 rBBMVAmT, 1917 
(Tonrtli War &o«a) 

Due Dec. 15, 1985. Issued and outstanding £21,684,020. Interest pay- 
able June 15 and Dec. 16, free of exchange, at any branch of the Com- 
monwealth Bank of Australia throu^out the Commonwealth, at any 
bank throughout the Commonwealth or at State Savings Bank. Not re- 
deemable before maturity. Principal payable at the offices of the Com- 
monwealth Bank of Australia In Sydney, Melbourne, Brisbane. Adelaide, 
Perth or Hobart. Coupon Bonds, £10, £50. £100, £500 and £1.000; and 
Inscribed Stock, £100 and multiples of £10 over £100. Inscribed Stock 
and Coupon Bonds interchangeable at any time upon application in writ- 
ing to the Commonwealth Treasury, Melbourne, or any branch of the 
Commonwealth Bank of Australia. 



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KIMBER'8 RECORD OP GOVERNMENT DEBTS 

Bonds and transfers of Inscribed Stock free of Commonwealth and 
State Stamp Duty* and interest free of Commonwealth and State Income 
Tax. Bonds and Inscribed Stock exempt from the operation of Wealth 
Levy, if any. An investment authorized by the Trustees Acts of the 
several States, and trustees may invest therein notwithstanding: that the 
price may at the time of investment be above or below the redemption 
value of par. Bonds and Inscribed Stock accepted in payment of probate 
and succession duty due the Commonwealth. 

Subscriptions were received from Dec. 23, 1916. to April 2, 1917, at 100. 
to yield about 4.70%. Number of subscribers, 66,960. 

AVSTBAXiZAV OOT'T 6H% DBBSVTVmSS 07 AFmZ^ 1917 

Due June 1. 1927. Issued £3.500.000. Interest June and December 1. 
Denominations £10. £100, £500 and £1.000. Optional on or after June 
1. 1922, at par, on three months' notice. All payments made by the Com- 
monwealth Bank of Australia, London. Stock transferable free of stamp 
duty. 

Issued at 98 per cent, in London to meet cost of public works in Vic- 
toria. Queensland, South Australia, Western Australia and Tasmania. Of 
the total £3,500.000, £2,635,430 is in stock and £864.570 In bonds. 

AUgTBATiTAir QOY*T BH % BSBSVTirBSS OF AUQ^ 1917 

Due June 1. 1927. Issued £4,500,000. Interest June and December 1. 
Denominations, £10, £100. £500 and £1,000. Principal repayable at par 
on June 1, 1927. Optional on or after June 1, 1922. at par. on three 
months' notice. All payments made by Commonwealth Bank of Australia, 
London. Stock transferable free of stamp duty. Issued at 98^% in 
London to meet cost of public works in Victoria. Queensland. South 
Australia, Western Australia and Tasmania. These bonds were con- 
vertible into 5^% registered stock between November 3 and December 14, 
1917. Of the £4,500,000, £3.183.460 Is represented by stock and £1,316.540 
by bonds. 

AUnnALlAM GOV'T 4H % WAB KOAIT 07 VOVBlCBBm, 1917 
(Fifth War Koan) 

Due, Dec. 15, 1927. Issued and outstanding £21.213,780. Interest pay- 
able June 15 and Dec. 15. free of exchange at any branch of the Com- 
monwealth Bank of Australia, or any bank, or State Savings Bank through- 
out the Commonwealth. Not redeemable before maturity. Principal pay- 
able at the offices of the Commonwealth Bank of Australia in Sydney. 
Melbourne, Brisbane, Adelaide, Perth or Hobart. Bonds and transfers of 
Inscribed Stock free of Commonwealth and State Stamp Duty, and interest 
free of Commonwealth and State Income Tax. Bonds and Inscribed Stock 
exempt from the operation of Wealth Levy if any. Coupons Bonds. £10, 
£50. £100. £500. £1,000; and Inscribed Stock. £100 and multiples of |10 
over £100. Inscribed Stock and Coupon Bonds interchangeable at any 
time upon application in writing to the Commonwealth Treasury, Mel- 
bourne, or any branch of the Commonwealth Bank of Australia. An In- 
vestment authorized by the Trustees Acts of the several States and 
trustees may invest therein notwithstanding that the price may at the 
time of investment be above or below the redemption value of par. Bonds 
and Inscribed Stock accepted at par in payment of probate and succession 



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BRITISH EMPIRE— AUSTRAUA 



duty due the Commonwealth. Subscriptions were received from Sept. IS 
to Nov. 2. 1917, at 100, to yield about 4.67%. Number of subscribers, 
216.965. 

AVWrmAXBlAM CM>T^ 4H% JJTD 5% WAB &OAH 07 AVma, 1918 
(Slztli War Koan) 

Due, Dec 15, 1927. Issued and outstandlnsr £42,851,960. Interest pay- 
able June 15 and Dec. 15, free of exchansre, at any branch of the Com- 
monwealth Bank of Australia or any bank or State Savings Beink through- 
out the Commonwealth. Principal payable at offices of the Commonwealth 
Bank of Australia in Sydney, Melbome, Brisbane, Adelaide. Perth or 
Hobart. Taxation. 4%% Loan exempt from the operation of Wealth 
Levy, If any. and interest free of Commonwealth and State Income Tax. 
Interest on the 5% Loan subject to Commonwealth taxation, but free of 
State Income Tax. All bonds and all transfers of Inscribed Stock free of 
Commonwealth and State Stamp Duty. Coupon Bonds. £10. £50, £100, 
£500 and £1,000; and Inscribed Stock, £100 and multiples of £10 above 
£100. Inscribed Stock and Coupon Bonds interchangeable at any time 
upon application in writing to the Commonwealth Treasury, Melbourne, 
or any branch of the Commonwealth Bank of Australia. An investment 
authorized by the Trustees Acts of the several States and trustees may 
invest therein notwithstanding that the price may at the time of invest- 
ment be above or below the redemption value of par. Bonds and In- 
scribed Stock accepted at par in payment of Probate and Succession Duty 
due the Commonwealth. Subscriptions were received from Feb. 18 to 
April 10, 1918, as follows: 4^8 at 100. to yield about 4.69%; 5s at 100, 
to yield about 5.19%. 

AUgrmiT.TAW OOT^ 5H% BSBXVTVBB8 07 AUQUWIT, 1918 

Dated June 1, 1918. Due June 1, 1927. Issued -and outstanding 
£4,750,000. Interest June and December 1. Redeemable at par any time 
after June 1, 1922, on three months' notice. Bearer bonds of £10, £100. 
£500 and £1.000, convertible into registered stock, between Nov. 4th and 
Dec. 14, 1918, only. Issued at 99 H In London for public works distributed 
between the Ave States for which the Commonwealth acts as overseas 
borrower, Victoria, Queensland. South Australia, Western Australia and 
Tasmania. Of the total of £4,750.000, £1,047,980 is represented by stock 
and £3.702.020 by bonds. 

AVWmAJLlAJK CM>T^ 5% WAm KOAIT OF OOTOBBB, 1918 
<8«TeBt]i War Koaa) 

Due, Dec. 15, 1927. Issued and outstanding, £43,423,275. Interest pay- 
able June 15 and Dec. 15, free of exchange, at any branch of the Com- 
monwealth Bank of Australia or any Bank or State Savings Bank through-* 
out the Commonwealth. Not redeemable before maturity. Principal 
payable at offices of the Commonwealth Bank of Australia In Sydney* 
Melbourne, Brisbane, Adelaide, Perth or Hobart. Subject to the Com- 
monwealth taxation, but free of State Income Tax. All bonds and all 
transfers of Inscribed Stock free of Commonwealth and State Stamp 
Duty. Coupon Bonds, £10, £50, £100. £500 and £1.000; and Inscribed 
Stock, £100 and multiples of £10 above £100. Inscribed Stock and 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Coupon Bonds interchangeable at any time upon application in writing: to 
the Commonwealth Treasury, Melbourne, or any branch of the Common- 
wealth Bank of Australia. An investment authorized by the Trustee Acts 
of the several States, and trustees may invest therein notwithstanding 
that the price may at the time of invesment be above or below the redemp- 
tion value of par. Bonds and Inscribed Stock accepted at par in payment 
of Probate and Succession Duty due the Commonwealth. 



AuwrmALXAm oorrr 6% aoav ov 1919 

•Tint 9—c% Koaa" 

Issued and outstanding £21.368,200. Interest June and December 15. 
Repayable at par December 15, 1927. Subject to Commonwealth Income 
Tax. 

Offered for public subscription in Australia in September, 1919, at 
par And Interest 



AUBTmiTiTiw ooTBmvianrT e% koajt or imo 
"Seoond Veaoe Ikmui" 

Issued and outstanding £25,000.000. Interest June 16 and December 
15, free of State but not of Federal Income Tax. Principal repayable at 
par June 15, 1980. 

Proceeds of this issue were loaned by the Commonwealth to the 
various States for repatriation purposes and to meet war obligations. 

Offered in Australia in August, 1920, at par, subscriptions being ac- 
cepted half in cash and half In bonds of any previous war or peace loan 
bearing a lower rate of interest. 



AUSTmiXZAJT OOTT 6% BTOOK 07 IMl 
maglstMred Stock due 1931-1941 

Issued and outstanding £15.000,000. Dated March 1, 1921. Interest 
March and September 1. Principal repayable at par March 1, 1941, the 
Government having the option of redemption at par, in whole or in part, 
any time on or after March 1, 1981, upon three months' notice. All pay- 
ments at the Commonwealth Bank of Australia, 86 New Broad Street, 
London. E. C. Payments to non-residents of Australia are not subject to 
any taxes, duties or levies in Australia. Denominations of £10 or any 
multiple thereof, fully registered only, transferable free of stamp duty. 

Authorized by Act No. 18 of 1920 (War Purposes) of the Parliament 
of the Commonwealth of Australia, to meet repatriation and other ex- 

Febmary, 1921 Issue — Offered by the Commonwealth Bank of Australia 
(£5,000,000) in London in February, 1921, at 95%, payment of subscriptions 
being accepted in installments of 5% on application, 80% February 16, 
80% March 10. and 80% April 1, 1921. 

October, 1921 ZSsne— An additional £5,000,000 offered by the same Bank 
In October, 1921. at 96%, payment of subscriptions being accepted as 
follows: 5% on application; 11% November 8, 1921; 40% December 7, 1921; 
40% January 6, 1922. 

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BRITISH EMPIRE— AUSTRALIA 



Jaaxmxjf 1988 Ztosn*— A third £5,000.000 offered in January, 1922, at 
97, by the same Bank, payment beingr accepted In installments as follows: 
5% on application; 12% on January 26th, 1922; 40% on February 22nd, 
1922, and 40% on March 28rd, 1922. Cash subscriptions subject to dis- 
count at the rate of 4% per annum as from January 27, 1922, or subse- 
quent date. 

▲vaniAiiZAjr ooyrr e% jmvsbmajl koav laai-i^ao 

Issued and outstandlnsr £10,000,000. Interest June and I>eceml>er 16. 
Principal payable December 16. 1980. at the offices of the Commonwealth 
Bank of Australia, Sydney. Melbourne, Brisbane. Adelaide. Perth or Hobart. 
Interest free of State income taxes, but subject to Commonwealth taxes. 
All bonds and transfer of stock free of Commonwealth and State stamp 
duty. Bonds and stock of this loan Interchangeable at pax, at any time 
upon application in writing to the Commonwealth Treaiiury, Melbourne, 
or any branch of the Commonwealth Bank of Australia. Denominations, 
coupon £10, £60, £100, £600 and £1,000; inscribed stock £100 and 
multiples of £10 above £100. 

Offered for public subscription in Australia July, 1921, at 96. The 
proceeds of this lo&n were used for the payment of war obligratlons and 
for repatriation purposes. 

AUSTBlT.TAy CM>T'T 6% BSOI8TSBBD STOCK 1088-1945 
I^ndon Ikra* 

Issued and outstanding £5.000,000. Interest June and December 1. 
Dated June 1, 1922. Principal repayable in London at par on June 1, 
1946, the Government having the option of redemption, in whole or in 
part, on or after June 1, 1936, on giving three months' notice. All pay- 
ments at the Commonwealth Bank of Australia, London, free of all 
Australian taxes present and future if In ownership of a non-resident. 
Registered stock of £100 and multiples. Registerable and transferable 
in any amount by deed, free of stamp duty. 

Authorized by Acts Nos. 17 and ,18 of 1921 of the Parliament of the 
Commonwealth of Australia. Proceeds of this issue to meet expenditure 
and development works and for the redemption of Treasury bills. 

Offered for subscription in Great Britain in April. 1922, by the Com- 
monwealth Bank of Australia at 96. subscriptions being accepted as fol- 
lows: 6 per cent, on application, 11 per cent, on April 24, 1922, 80 per cent, 
on May 30, and 50 per cent, on June 16, 1922. 

New South Wales 

Area: 810.372 square miles. Population (1921) 2,101,884. 

Imports, year June 80, 1920, £44,690,204; 1918, £28,447.579; 1913, 
£32.860.663. Bxports, 1920, £64.668,886; 1918, £36.929.487; 1918, 
£82.839.289. 

Government Revenues, year ended June 30. 1921. £34.031,000; 1919, 
£23.496.000; 1915, £18,946.000. Expenditures. 1921. £34.477.000; 1919, 
£23.281,000; 1916, £18.516.000. 

Public Debt, £168,578.000 (June 30, 1921). 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

The Government owns 4824 miles of railways. Cost of constniction 
and equipment to June 80, 1919, £90,406,088. Operating results for year 
June 30, 1919; Revenues £9,958,178, Expenses £6.904,450. Net revenues 
£8.058.728. 

For the year endlnsr June 30, 1920, revenues of State Railways were, 
£13,083.847. expenses £13.212,972, deficit £129,126. Deficit In 1921 was 
£577,032. 

VSW SOUTH WAX.S8 4% ZV8CBZBBD STOCK 07 1883, DVB 1933 

Issued and outstanding £9,686,300. Interest January and July 1 at 
Bank of England. Repayable at par July 1. 1938. Free of stamp duty. 

Due 1933 £1.186,300 Issued In 1883-4 in exchange for a similar amount 
of 4% Debentures; £8.000,000 in July, 1883, at an average price of £100 
Os. 8d.; £3,000,000 In December. 1883, through the Bank of New South 
Wales, at an average price of £100 12s. 6d.; and £2.600,000 In October, 
1898, through the Bank of England, at an average price of £100 lis. lid. 
£9,686.300 Issued Includes £49,254 transferred to Sydney register. 

VBW SOUTH WAZiES 3^% ZVSGBIBSD STOOH 07 1884, DUB 1984 

Issued and outstanding £16,500,000. Interest April and October 1 at 
Bank of England. Repayable at par October 1. 1924. Free of stamp 
duty. 

Issued as follows: £5,500,000 In September. 1884. at an average price 
of £98 18s. 6d.; £5,600,000 in October. 1885, at an average price of £91 
18s. 6d.; and £5.600,000 In July, 1886, at an average price of £96 8s. 8d. 
£16.500,000 Issued Includes £66,456 transferred to Sydney register. 

VBW SOUTH WAX.BS 3% ZHSOBZBBD STOOH 07 1896, DUB 1935 

Issued and outstanding £12.500.000. Interest April and October 1 at 
Bank of England. Repayable at par. Otcober 1. 1935. FYee of stamp duty. 

Issued as follows: £4.000,000 In October, 1895. at an average price of 
£96 18s. 3d.; £1.500,000 In January. 1898. at an average price of £100 88. 
4d.; £4,000,000 In September, 1901. at 94%; and £3.000,000 In May. 1902. 
at 94%%. £12,600,000 Issued Includes £24,885 transferred to Sydney 
register. 

HBW SOUTH WAXiBS 3H% STOOH 07 1906, DUB 1930-60 

Issued and outstanding £12.250,000. Interest January and July 1. 
Repayable at par 1st July. 1950, with Government option of redemption 
at par on or after 1st July. 1930, on six months' notice. Agents. London 
County. Westminster and Parr's Bank. London. £12.500,000 issued in- 
cludes £186,500 transferred to Sydney register. Denominations of £100, 
£600 and £1,000. 

Issued, £2,000,000 in February, 1906. at 99%%; £8.000.000 in March. 

1908, at par; £1,500,000 in February, 1909, at 97%%; £8,000,000 In May. 

1909. at 98%%; and £2,750,000 In February, 1910. at 97% (£1,470,500 for 
cash and £1,279,500 in exchange for Bonds). 

VBW SOUTH WAZ^BS 4% 10-YEAS DBBBHTUBES OF 1918, DUB 1989 

Issued and outstanding £4.500,000. Interest April and October 1 at 
London County, Westminster and Parr's Bank, Limited, London. 
£1.600,000 issued in October 1912, at 99%, and £3,000,000 in March. 1918, 

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BRITISH EMPIRE— AUSTRALIA 



at 98%. Repayable at par on Ist October, 1922. Debentures in coupon 
form. In denominations of £1,000, £500 and £100. £4.600,000 Issued In- 
cludes £100,000 to Sydney resister. 

MBW SOVTS WALMM 4% WTOOK 07 1918 DVB 1942-08 

Issued and outstandinsr £10,500,000. Interest January and July 1. 
The principal is repayable at par July 1, 1962. The Government may re- 
deem at par on or after July 1, 1942, on grivinsr six months' notice. Pay- 
ments are made by the issuing bank. ^ Bonds in registered or coupon 
form. 

Issued as follows: £8,000.000 in December, 1912. througrh the London 
County Westminster and Parr's Bank, at 99%%; £1,500,000 through the 
same bank In August, 1918. at 97%%: £3,000,000 through the same bank 
in January, 1914, at 96%; and £3.000,000 through the same bank in May. 
1914, at 99%. The above amount is exclusive of £104.025 transferred to 
the Sydney books. 

nW SOVTS WAZ^BS 4H % ^OAV 07 1915, DVB 1982-27 

Issued and outstanding £5,000.000. Interest January and July 1. 1927. 
The QoTemment may redeem the loan in whole or in part, at nar ,on or 
after July 1, 19^2, on giving three months' notice. £100, £500, £1,000 
denominations, with interest payable by coupon, but holders had the 
option at any time up to Augrust 28, 1915, of converting into registered 
stock the interest on which is paid by warrants sent by mail If desired; 
and of the loan of £5,000.000, £2,087,900 is now represented by coupon 
bonds, and £2,912,100 by inscribed stock. All payments are made by the 
Issuing bank. Issued in June, 1915, through the London County, West- 
minster and Parr's Bank at 99%%. for the purpose of repaying Treasury 
biUs. 



SOVTK WAX.B8 5% KOAJT 07 1916, HTJH 1921-28 

Issued and outstanding £2,000,000. Interest Janiiary and July 1. 
Principal repayable at par July 1, 1923. Optional in whole or part on 
three months' notice after July 1, 1921. Denomination £100, £600 and 
£1,000, with interest payable by coupon, but holders had the option, at 
any time up to March 7, 1916. of converting into Inscribed Stock the in- 
terest on which is paid by warrants sent by jnail if desired, of the loan 
of £2,000,000, £525,000 (£500 transferred to the Sydney register) is 
represented by coupon bonds and £1,473.600 by Inscribed Stock. All pay- 
ments are made by the issuing bank. Free of Stamp Duty. 

Issued in January, 1916, through the London County & Westminster 
Bank. Ltd., at 99. for the purpose of repayment of temporary advances 
in London. 

VBW SOVTK WALMB 5M% KOAV 07 1916, l^JIB 1920-22 

Issued and outstanding £2,500,000. Interest February and August 15. 
Principal repayable at par August 15, 1922. All payments at issuing 
bank. Redeemable in whole or part at par on three months' notice on or 
after August 15, 1920. Denomination, £100, £500 and £1.000, with in- 
terest payable by coupon, but holders had the option at any time up to 
Oct. 20, 1916, of converting Into Inscribed Stock, the Interest on which 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

is paid by warrants sent by mail if desired; of the loan of £2,500,000, 
£494,600 is now represented by coupon bonds and £8,006,400 by Inscribed 
Stock. 

Issued in Auffust, 1916, throusrh the London County & Westminstei* 
Bank, London, at par. 

VXW 80VTK WAUBA SH% BBBBVTUBSS 07 1917, DUB 1991-87 

Issued and outstanding £6,000,000. Interest June and December 1, 
at London County, Westminster and Parr's Bank, London. Principal re- 
payable at par on June 1, 1927, the Government haviner the option of 
redemption, in whole or in part, at par, on or after June 1, 1922, on grlvlng 
three months' notice. New South Wales debentures and stock domiciled 
in London are not, and will not be, subject to income tax in New South 
Wales, or to death duties In that State. 

£3,000.000 issued in May. 1917. at 98. and £8.000.000 in January, 1919, 
at 991^. Debentures to bearer in denominations of £100. £500 and £1.000, 
convertible Into 5%% Inscribed Stock at any time up to July 16. 1917, 
without charge. 

VBW SOUTH WAZ1S8 B%% DBBBVTUMBS 07 1917, BUB 1986-35 

Issued and outstanding: £5,000,000. Interest January and July 1, at 
London County, Westminster and Parr's Bank,. London. • Principal repay- 
able at par in London on January 1, 1935, the Government reserving the 
right on three months* notice, to redeem on or after January 1, 1925. The 
debentures and stock will not. if domiciled in London, be subject to in- 
come tax or death duties in New South Wales. Denominations of £100, 
£600 and £1,000, coupon bonds and registered stock. 

£3.000.000 issued in November, 1917, at 99 %, and £2,000.000 in Febru- 
ary. 1920, at 98^ for public works and other purposes. 

VBW 80UTK WAX.B8 5%% DBBBVTUBE OOHTBmaZOB' &OAB 07 
1918, BUB 1988-38 

Issued and outstanding £18,076,000. Interest May and November 1. 
Principal repayable at par November 1, 1932, with Government option of 
redemption at par, on or after November 1, 1922, on three months' notice. 
Debentures to bearer, of £100, £500 and £1,000. Agents, London County, 
Westminster & Parr's Bank. Ltd. 

Issued, £10,076,000 at par in February, 1918. and holders of £7,517,000 
3%% Inscribed Stock maturing September 1, 1918, accepted an equal 
nominal amount of new stock in exchange for their holdings; £3.000,000 
issued at par in June, 1918, and holders of £771,134 3%% Inscribed Stock 
due September 1, 1918, accepted an equal nominal amount of new stock 
in exchange for their holdings. 



BOUTS WAZ^BS 5H % BEBBVTUBB8 07 1919, BUB 1984-34 

Issued and outstanding £3,000,000. Interest June and December 1. 
Principal repayable at par June 1, 1934, the Government having option 
to redeem at par at any time after June 1, 1924, on three monhts* notice. 
All payments in London at the London County, Westminster & Parr's 
Bank, free of State Income Tax on death duties. Bonds to bearer of 
£100, £500 and £1,000; convertible into inscribed stock up ;to February 
16, 1920, only. 

Issued in London in October, 1919, at 98%. 



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BRITISH EMPIRE— AUSTRALIA 



vxw sovn WMxmm 5%% i^mmmmvummB i9m^ sra lass-ss 

iBBued and outatandlnsr £2,000,000. Interest January and July 1. 
PrlndiMa repayable at par January 1, 1986. the Oovemment havlnsr option 
to redeem at par at any time after January 1, 1926. on three months' 
notice. All pasrments in London by the London County, Westminster A 
Parr's Bank. Bonds to bearer of £100 and multiples; conyertlble into 
inscribed stock up to March 16, 1920. only. 

Issued in London in February, 1920, at 98%, in part for refunding of 
£2.000.000 4H% Debentures due March 1, 1920. 

VXW SOVn WAJmEM 6H% XVSOmZBBS STOOK or 1990^ ]>ra 1930-40 
rirst ZMue* June, 1990 

Issued and outstanding £2,600,000. Interest February and August 1. 
Principal repayable at par August 1, 1940, with option to the Govern- 
ment to redeem at par at any time after August 1, 1980, upon three 
months' notice. Payable in London at the London County, Westminster 
A Parr's Bank, free of State Taxes. Denominations £100 and multiples. 

Issued in London in June, 1920, at par, for public works and other 
purposes. 



mmw sovn wa&xs 6h% xvsobibxd stook or loao, »ra 1930-40 

■eoond Issue, VoTember, 1990 

Issued and outstanding £4,000.000. Interest February and August 1 
in London. Principal repayable at par August 1. 1940, with option to 
the Government to redeem at par at any time after August 1, 1930, upon 
three months' notice. Free of State taxes. Repayable in London by the 
London County, Westminster A Parr's Bank. Denominations, £100 and 
multiples. 

Issued in London at par in November, 1920, for the construction of 
public works. 



SOVn WA&XS 5H% XMTBmVAZi JbOAM or 1990 »ra 1930 

Issued and outstanding £8,000,000. Interest April and October 1. 
Principal repayable at par October 1, 1980. All payments free of State 
taxes and Federal income tax. 

Offered in Australia in October, 1920, at par. Proceeds were expended 
for railroads and other public works. 



SOUTH wALam e% zmcnzBMD stook, sra 1930-40 

Issued and outstanding £3,000,000. Interest May and November 1 in 
London. Principal repayable at par on November 1, 1940. Redeemable 
in whole or in pert at par on or after November 1, 1980, upon three 
months' notice. All payments at London County, Westminster and Parr's 
Bank, Ltd. Non-residents not subject to taxes, duties and levies of New 
South Wales. Transferable free of stamp duty. Denominations £100 
and multiples. 

Offered in London at 96 Ht October, 1921. The proceeds of this issue 
were used for public works. 



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KIMBEIR'S RECORD OF GOVERNMENT DEBTS 



VEW 0OVTK WAZiBS SH% ZMTBmVA& BOVDS 1981-ltaO 
(Good Boads &o«ii) 

Issued and outstanding: £600,000. Dated June 1, 1921. Interest June 
and December 1. Principal repayable at par, December 1, 198Q. All pay- 
ments made in Sydney at the Bank of New South Wales. Interest free of 
both New South Wales and Federal Income Taxes. Denominations, coupon 
and regristered of £10 and multiples. 

Offered for public subscription in Sydney April, 1921, at par. This 
Loan forms a portion of a sum of £S.000,000, authorised for specific Public 
Works under the Loan Act No. 27 of 1919, and was for the purpose for 
providing funds to be applied towards reconditionlngr main roads within 
the County of Cumberland. 



VEW SOVTK WMJUBB 6% OOXTXS0ZOV AOAV 198O-1M0 

Issued and outstanding £7,000,000. Interest May 1 and November 1. 
Principal repayable at par November 1, 1940, with option to the Govern- 
ment to redeem at par, as a whole or in part, on or after November 1, 
1930, upon three months' notice. All payments at the London County, 
Westminster & Parr's Bank, London, free of all New South Wales taxes 
if in the ownership of a non-resident. Denominations, £100 and multiples 
in registered form only. Transferable free of stamp duty. 

Authorized by Acts of the Parliament of New South Wales, the "In- 
scribed Stock Act" No. 61 of 1912, "Amendment Act" No. 80 of 1914 and 
"Loans Act" No. 84 of 1915. This stock Is in addition to and ranks pari 
passu with the existing £8.000,000 6% Stock 1980-1940. 

Offered in London in January, 1922, In conversion of £4,400,000 4% 
Debentures maturing October 1, 1922, and £494,000 6%% Debentures and 
£2,005,400 5%% Stock maturing August 15, 1922. Conversion was on the 
basis of practically par for par with adjustment of interest in cash. 

Offered also for cash subscriptions at 97, payable in Instalments of 
5% on application, 32% on February 18, 1922, and 60% on March 10, 1922. 



City of Sydney 



The City of Sydney in 1921 had a population within the Metropolitan 
area of 905,947. The unimproved capital value of lands was £35,842,412 
and the average annual value £4,661.589. The Municipal Council has 
power to levy a rate up to two shillings in the £ on the average annual 
value, and three pence In the £ on the unimproved capital value. Or, 
as an alternative, the rate may be 6d. in the £ on the wholly unimproved 
capital value, the present rate being five pence per £. The revenue of 
the City in 1921 was £2,040,061 and the expenditure £2.057,671, Including 
annual Interest and Sinking Fund payments. The total debt of the Council 
was £9,832,066. the amount expended on productive and self-supporting 
undertakings being approximately £9,000,000. The annual Sinking Fund 
is £84,187, the accumulation to credit of the Sinking Fund to December 
31, 1921, being £1.045,039. 

The following bond issues of the City of Sydney are payable, principal 
and interest at London and Sydney. Sinking Funds are provided to 
accumulate against the maturity of each issue. 



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BRITISH EMPIRE— AUSTRALIA 



4% Olty Fund I^oan of 1901 

£200.000. Due 1926. Int J. & J. 

3% % Town KaU &oui of 1911 

£200,000. Due 1936. Int. J. & J. 

3%% Stock of 1911 

£100.000. Due 1986. Int. J. A J. 

4% mtr—t &oan of 1903-4 

£100.000. Due 1928. Int. J. A J. 

4% &o*n of 1913 (SoriM O) 

£150.000. Due 1928-28. Int. J. ft J. 

4% Street Imp. Zknul of 1918-18 

£233.000, Due 1923-28. Int. J. ft J. 

Xftrket AOMifl of 1906-19 

£648.180. Due 1926-86. Int. J. ft J. 

m— ninptlon &OMUI of 191d-19 

£2.866.697. Due 1921-1949. Int. J. ft J. Issued 9it i%%, Z%%, Z%%, 
A% and 6% Interest. 

4% Iffunlolpfa BnUdl2ig> &oui of 1919-1918 
£218.066. Due 1922-1927. Int. J. ft J. 

XleotKlo UgM ^oaiui of 1906-19 

£2.076.744. Due 1921-37. Int. J. ft J. Issued at 8%%. 3%%. 3%%, 
4% and 5% interest. 



Sfl>J I JB» 10-TSAB 6H% SXBBHTVBBS, SU 1981 

Issued and outstandingr £1,000.000. Due Augrust 1. 1981. Interest 
February 1 and August 1. All payments at the Commonwealth Bank of 
Australia. Debentures to bearer of £100 and £600. 

Issued for the purpose of providing funds for the municipal electricity 
undertaking and is secured upon the corporate rates and revenues of 
the City.. 

Offered in May, 1921. by the Commonwealth Bank of Australia, 86-41 
New Broad Street, E. C. 2, at 99 per cent. 

Sfl>J I JB» 6% SBBXHTirBBS, 1966-1958 

Issued and outstanding £1,000,000. Interest April 1 and October 1. 
Dated April 1, 1922, due October 1, 1932. All payments in sterling at the 
Commonwealth Bank of Australia, London. Denominations, coupon £100 
and £600. 

A direct obligation of the City of Sydney, New South Wales and 
authorized by the Sydney Corporation Amendment Act No. 89 of 1906, 
amended by Act No. 22 of 1917 of the State Parliament of New South 
Wales. 

The proceeds of the loan were to be used to provide funds for the 
Municipal Council of Sydney Electric Light undertaking and the loan is 
secured upon the corporate rates and revenues of the City from whatever 
source arising. 

Offered for subscription by the Commonwealth Bank of Australia, 
London in February, 1922, at 96 per cent., subscriptions being accepted in 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

instalmentfl as follows: 6 per cent, on -application; 11 per cent, on Febru- 
ary 28. 1922; 40 per cent, on March 28th, 1922; and 40 per cent on April 
21st. 1922. 



Queensland 

Area: 669,894 square miles. Population (1921) 768,964. 

Imports, year ended June 80th. 1919; £6.886,187; 1916. £6.428.688. 
Exports. 1919. £12.442.749; 1916, £18.016.484. 

Government Revenue year ended June 80, 1921. £12,601.000; 1920, 
£11,293.748; Expenditure. 1921, £12,691.000; 1920. £11.266.910. Bud^t 
for 1920-21 shows Revenues of £12.182.000; Expenditure. £12,170.612. 

Public Debt £80,382.000 (June 30, 1921). 

Railways: 5,295 miles of railway lines, of which 1.241 miles are 
privately owned, the balance being Government owned. Area of State- 
owned lands. 402.586.000 acres. 

For the year ending: June 80. 1920. revenues of State Railways were 
£4.960,150. expenses £6.047,152, deficit £1,087.002. Deficit in 1921 was 
£1,789.475. 



QVssvs&Avs 4% zmmomxmmD wroom or i884 nvm im4 

Issued and outstanding £7,989,000. Interest January and July 1. 
Repayable at par Ist July, 1924. Agrents, Bank of England. Stock free 
of stamp duty. 

£1,489.000 issued in May. 1884. at an average price of £99 9s. 2d.; 
£2.500.000 in May. 1885. at an average price of £97 19s. 4d.; £1,500.000 
in March, 1886. at an average price of £105 7s. 9d.; and £2.500.000 in 
February, 1887, at an average price of £100 Os. lOd. 



QVBBXni&AVB 3H% ZHSOmZBXS flTOOK OV 1888 »» 1M4 

Issued £8,616.084. Outstanding £8.546,484. Interest January and 
July 1. Repayable at par, £4,764,784 1st July, 1984; and £8.781,700 Ist 
July. 1980. Agents, Bank of Ehigland. Stock free of stamp duty. 

Issued £2.500.000 (1924) in June. 1888. at an average price of £95 2s. 
9d.; £2,264.784 (1924) in March. 1890, at an average price of £97 lOs. 7d.; 
£2.500,000 (1930) in May, 1891. at a minimum of 94%, only £816,000 
was allotted, but the unallotted balance was taken up at a reduction in 
price of 2%%; persons who tendered for the stock were placed on the 
same footing; and £1,182.400 (1980) in January, 1898, at an average 
price of £88 16s. 4d. In addition, £168,900 issued in exchange for 8H% 
debentures. 



QUBHWIiTiAWP 3H % XWSOmXBSB STOCK OV 1890 BVM 1946 

Issued and outstanding £4.000,000. Interest January and July 1. 
Repayable at par 1st January. 1945. Agents, Bank of England. Stock 
free of stamp duty. 

Issued £1,250,000 in April, 1895. authorized by the Queensland Loan 
Act of 1894, at an average price of £101 12s. 7d,; £760,000 in July, 1908, 
at 9(^rr: and £2,000.000 in March. 1909. at 97%. 



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QVBBVSXiAirB 3% nrSOBIBBS STOCK OV 1807 SUB 1992-47 

Issued and outstandlngr £4,274.218. Interest January and July 1. 
Repayable at par 1st January, 1947, with Government option of redemp- 
tion at par on or after 1st January, 1922, on twelve months* previous 
notice. Agrents, Bank of England. Free of stamp duty. 

Issued £1.600,000 in June, 1897, at an average price of £97 Is. 5d.; 
£1,400.000 in July, 1900, at an average price of £94 Os. Id.; and £1,874.21S 
in September, 1901, at 91H%. £8.775.880 issued in the Colony. 

QVBBVSZiAVD 3H% XVSOBZBXS STOCK OV 1911 SUB 1950-70 

Issued and outstanding £2,000,000. Interest January and July 1. 
Issued in April, 1911, at 97%%. and repayable at par on 1st January, 
1970, with Government right ,of redemption at par at any time on or 
after 1st January, 1950, on three months' notice by advertisement. Under 
the Queensland Government Loan Act of 1910, provision is made for the 
establishment of a cumulative sinking fund of H% per annum. Agents, 
Bank of England. Stock free of stamp duty. 



QVBBBSZiAVD 894% ZV8CBZBBD STOCK OV 1919 917B 1940-00 

Issued and outstanding £2,000,000. Interest April and October 1. 
Issued in July, 1912, at 96%, and repayable at par on 1st October, I960, 
with Grovemment right of redemption at par at any time on or after 1st 
October, 1940, on three months' notice by advertisement. 

QVBBBS&AVB 4% STOCK 07 1912 BVB 1940-BO 

Issued and outstanding £6,000,000. Interest April and October 1. 
Principal repayable at par October 1, 1960, but the Government ma,T 
redeem at any time on or after October 1, 1940, on three months' notice. 
A cumulative sinking fund of H% Per annum is provided. The stock is 
lodged with the Bank of England, and is transferable free of stamp duty. 

Of the total of £6,000,000 outstanding £2,000,000 was issued through 
the Bank of England in November, 1912, at 99%, partly to redeem 
£1.466,600 4% bonds due January 1, 1913, holders of which were offered a 
preferential allotment In the new issue; £2,000,000 was issued through 
the Bank of England in January, 1918, at 99%; and £2,000,000 was issued 
through the Bank of England in April, 1914, at 99%. 

QVBBKSXiABB 4H% TbOAM OV 1915 DVB 1990-96 

Issued and outstanding £11,728,800. Interest April and October 1; 
principal due April 1, 1926, but the Government may redeem the loan at 
par. In whole or in part, by drawings or otherwise, at any time, on or 
after April 1, 1920, on three months' notice. Up to April 15, 1915, holders 
of bonds to bearer had the option of converting into inscribed stock on 
payment of 10s. per cent. Of the total of £11,728,800 of the loan, 
£8,106,400 is represented by bonds and £8,622,400 by stock. Free of 
stamp duty. 

Denominations of £100, £600 and £1,000 each, and regristered stock, 
issued in February-March, 1916, through the Bank of England. Issued 
to redeem 4% bonds and inscribed stock for an equivalent amount due 
July 1, 1916. A portion was issued at 99%, the conversion and issue 
being made through the Uank of England. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

QVSB VflHbAHD 4H % SASb WAT &OAV OV 1919 SU 1996 

Issued knd outstanding £476,000. Redeemable January 1. 1926. Prin- 
cipal and interest payable in London, but may be transferred to Brisbane. 

Issued in payment for railway and other properties acquired fronci 
Chillagoe* Limited, under agreement of February, 1919, the bonds to be 
exchanged for £667,700 Chillagoe Railway A Mines €9G Debentures. 



QvmsMBiiAWD e% nrsomzBBs stock or i9flo dvs i9ao-40 

Issued and outstanding £2,000,000. Interest February and August 1. 
Dated February 1, 1920. Principal repayable at par August 1, 1940, the 
Government having the option to redeem at par, as a whole or in part, 
at any time after August 1, 1980, on three months' notice. All payments 
at the Bank of England. 

Issued in London in December, 1919 at 98H* for the construction of 
railways and other public works. 

QirSBVB&Ajn> 80-TSAB 7% BXTSBITAA TMAJK 1991 



Issued and outstanding $12,000,000. Dated October 1, 1921. Due Octo- 
ber 1, 1941. Not callable before maturity. Interest April and October 1. 
Principal and interest payable In New Tork City In U. S. gold coin at 
the National City Bank, Fiscal Agrent. free from all Australian or Queens- 
land taxes, present or future, and payable in time of war as well as of 
peace, irrespective of nationality of holder. Denominations, coupon $500 
and $1,000, registerable as to principal. 

Sinking fund of $400,000 annually during the first five years, in equal 
quarterly instalments begrlnning January 1, 1922, and during each of the 
remaining fifteen years sums sufllcient to retire at 102 H at least l/15th 
of the principal amount of bonds outstanding December 81, 1926. Pay- 
ments shall be applied to the purchase of bonds, if obtainable at not 
exceeding par and accrued interest to and including December 81, 1926, 
and at not exceeding 102 H and accrued interest thereafter. Unapplied 
moneys to revert to Queensland. 

These bonds are the direct credit obligation of the State of Queensland, 
which agrees that if in the future it shall issue, offer for public subscrip- 
tion or in any manner dispose of any Bonds or contract any loan secured 
by any charge or pledge on or of any revenues or assets of the State, 
the service of this loan shall be secured equally and ratably with such 
subsequent loan. Proceeds of loan used for railway construction and 
equipment, harbor improvements, water conservation and irrigation and 
other works. 

Offered in October, 1921, by The National City Company at 99 and 
interest to yield about 7.10% to maturity. 

Listed on the New Tork Stock Exchange. 



QUBSmOAHB 6% BXTEBITAA &OAV 1989-1947 



Issued and outstanding $10,000,000. Dated February 16, 1922. Due 
February 16, 1947. Interest payable February 16 and August 16. Principal 
and interest payable in New York City in United States gold coin at The 
National City Bank of New York, Fiscal Agent of the Loan, without de- 
duction for any Australian or Queensland taxes, present or future, and 
payable as well in time of war as in time of peace, irrespective of the 



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BRITISH EMPIRE— AUSTRALIA 



nationality of the holder. Denominations, coupon $500 and |1,000 register- 
able as to principal only. 

As a sinking: fund, the State of Queensland a^rrees to set aside $100,000 
per annum during: the life of this loan, in equal semi-annual instalments, 
be^nningr Aug:ust 15, 1922. to be applied to the purchase of bonds of this 
' issue in the open market, if obtainable, at not exceedingr par and accrued 
interest. Any ■ such sums not expended during any six months' period 
shall be invested at the option of the Government in bonds of this issue 
or any other Issue of the State of Queensland or of the Commonwealth of 
Australia, without restriction as to pric^. Bonds of this issue purchased 
for the sinking: fund will be held alive and cannot be resold. Other issues 
in the sinking: fund may be resold and the proceeds re-invested, as pro- 
vided for above. It is estimated that the cumulative sinking: fund provided 
in this manner should amount to approximately one-half of this issue by 
maturity. 

These bonds are the direct credit obligations of the State of Queensland, 
which agrees that if in the future it shall issue, offer for public subscrip- 
tion or in any manner dispose of any bonds or contract any loan secured 
by any charge or pledge on or of any revenues or assets of the State, the 
service of this loan shall be secured equally and ratably with such sub- 
sequent loan. 

Offered in February, 1922. by the National City Company, at 96 H and 
interest to yield over 6.2&% to maturity. 

Listed on the New York Stock Exchange. 



City of Brisbane 



The Metropolitan and Ipswich Water Supply and Sewerage Board of 
Brisbane, Queensland, was constituted in 1866, and its operations were 
extended in 1909 to include both water supply and sewerage systems of 
the City of Brisbane. The Board consists of a chairman appointed by the 
Government and eight members elected by the taxpayers. The unim- 
proved value of the ratable land under the Jurisdiction of the Board is 
approximately $16,000,000 and there is no limitation on the rates which 
the Board may levy. 

The Board has invested in its water supply and sewerage system 
£3.545,000. The revenues derived from the water services alone show a 
surplus over expenditures averaging over $11,000 during 1918, 1919 and 
1920. 

The only obligation of the Board besides the 20-year 6%% bonds is to 
the State Government of Queensland, and amounts to £8,285,000 (June 
$0, 1920) of which £2.119,000 is at 4% and £1.166,000 at 5%%. This 
debt is repayable by semi-annual instalments extending over 50 years. The 
6^% Debentures described below are secured by a charge on all the 
revenues of the Board prior to the charges for its debt to the State. 

The City of Brisbane is the largest in the State of Queensland and 
has a population of about 240,000. 



QUBBXBLAHB 

IbftropoUtea and Tpswloli Water UuwlJ 9aiA 8ew«rage Board SO-jear 
6H% SebMitnrM 1981-1941 
Issued and outstanding £1,000,000. Dated November 1, 1921. Due 
November 1. 1941. Interest May 1 and November 1. All payments at the 



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KIMBER'8 RECORD OF GOVERNMENT DEBTS 

Commonwealth Bank of Australia, London. Free of all British and 
Australian taxation, if owned by a non-resident of Great Britain or 
Queensland. Denominations £100 and £600. Bonds to bearer only. 

Sinking: fund of 4% per annum begrinninff in 1923 is to be applied to 
purchasing: debentures in the market at not exceedingr par. If not obtain- 
able, this fund or any balance thereof is to be placed on deposit with the 
Commonwealth Bank of Australia against maturity of the issue. 

A direct obligation of the Metropolitan and Ipswich Water Supply and 
Sewerage Board and a first charge on all the rates and revenues of the 
Board, in priority to all other existing and future indebtedness thereof. 
Authorized by Act No. 2 of 12 th Geo. V. of the State Parliament of 
Queensland. 

The proceeds of this issue were to be applied to extending and improv- 
ing the water supply and sewerage system of the cities of Brisbane and 
Ipswich. 

Offered In the United States by Joseph Walker and Sons, Bond & 
Goodwin, Paine, Webber A Co. and Parker & Co., all of New York, at 
prices to yield about 6% per cent. 

South Australia 

Area 380,070 square miles. Population (1921) 497,525. 

Imports, year ended June 30th, 1920, £7,584,227; 1919. £6.496,441; 
1913, £7,328.840. Exports 1920, £20,630.337; 1919, £11,570,470; 1913. 
£9.809.768. 

Government Revenue, year ended June 30, 1921, £7,151.000; 1920, 
£6.582.788; 1919. £5.798,313. Expenditures, 1921, £7,544,000; 1920, 
£6.457.039. 

Public Debt £48,557.000 (June 30. 1921). 

Railways: About 8.250 miles, Government owned, representing an 
investment of £17.974,000. 

For the year ending June 30. 1920, revenues of State Railways were. 
£2.726,540, expenses £2.796,722, deficit £70.182. Deficit in 1921 was 
£561.304. 

SOVTK AUWrmMLLlA. 4% BOVDS OV 1880 SUB 1909 

Issued £200,000. Interest January and July 1. Issued In February, 
1880. and repayable at par Ist July. 1929. Bonds in coupon form of 
£1.000. £500, £200 and £100. 

SOVTK AUmTWLMl^lA. 4% I^OAV OV 1884 9VS 1994 

Issued £1.651.300. Outstanding Bonds 59,900. Stock £1.591,400. In- 
terest April and October 1. Issued in May, 1884, at an average price of 
£100 6s. Id. Repayable at par 1st April, 1924. Bonds In coupon form of 
£100. £200, £500 and £1,000. Bonds exchangeable for inscribed stock. 

SOVTK AUBTmAlBlA 4% XVSCmZBXS STOOS OV 1885 SVB 1916-85 

Issued £1,560,400 and outstanding. Interest April and October 
1. Issued in June, 1886, at an average price of £100 9s. 6d. Repayable 
at par between 1st October. 1916. and 1st April, 1986. upon six months' 
notice by the Government. 

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BRITISH EMPIRE— AUSTRALIA 



SOVTX AHmTMMLLlA, 4% ZVSOBZBBS STOCK OV 1886 9VS 1917-36 

Issued and outstandingr £2,182,400. Interest April and October 1. 
Issued £1,332,400 in April, 1886, at an average price of £99 98. 6d., and 
£850.000 in May, 1887, at an average price of £103 2s. 6d. Repayable at 
par between 1st April, 1917, and 1st April, 1936. on six months' notice by 
the Government. 



SOUTH ▲mTmJL&ZA. 3H% nrBOBIBBD 8TOOK OV 1889 9VS 1939 

Issued £3,029.000. Interest January and July 1. Issued £653,700 in 
January, 1889, at an average price of £100 4s. 5d.; £764,100 at par; and 
£1.200,000 of which there was sold £455,400 in January, 1891, at an 
average price of £98 Is. 5d., and £511.200 was placed at Adelaide. 
Repayable at par Ist January, 1939. Free of stamp duty. 



SOUTH AUMTMAl^XA. 9% ZVSOBIBBS STOCK OV 1896 9US 1916-96 

Issued and outstanding £839,500. Interest January and July 1. Re< 
payable at par Ist January, 1926, or. at the option of the Government, 
on and after 1st January, 1916, on six months' notice. Issued in Feb., 
1896. at an average price of £97 48. lid. Stock free of Stamp Duty. 

SOUTH AUSTmA^ZA 3% COVSOUDATS9 IVSCBZBXS STOCK 

Issued £3,500,000. Outstanding £2,760,100. Interest January and July 
1. Issued £1,000,000 in May, 1897, at an average price of £97 13s. 8d.; 
£1,500.000 in January, 1899, at an average price of £94 17s. lOd.; and 
£1,000,000 in March. 1900, at an average price of £94 17s. lOd.; and 
£1,000.000 in March, 1900, at an average price of £94 lOs. 9d. The 
Government has the option of redemption at par on or after 1st July, 
1916, by giving due notice by advertisement. Sinking Fund %% per 
annum. 



SOUTH AUSTBAULft. 3H % ZVSCBZBXD STOCK 07 1907 DUB 1996-36 

Issued £2,408.100. Outstanding £2,378,295. Interest January and July 
1. Issued in exchange for 4% Bonds maturing 1st January, 1907, Ist 
January and 1st July, 1908, £2,000,000 was offered for subscription in 
September, 1908, at 97%%, to redeem Bonds maturing 1st January, 1909. 
Repayable at par in London on 1st July, 1936, but the Government has 
the option of redemption at par on or after 1st July, 1926, on six months' 
notice. 

SOUTH AUSTBAZiXA 394% ZVSCBIBBD STOCK OF 1909 DUB 1934-34 

Issued and outstanding £500,000. Interest June and December 1. 
Issued in 1909 at 98%%, and repayable at par — as to £210,600 — on 1st 
December, 1924, and £289.400 December 1, 1934. 

SOUTH AUSTmAXAA 3%,% ZVSCBIBBD STOCK OF 1910 DUB 1934 

Issued and outstanding £789,400. Interest June and December 1. 
Offered for sale in April, 1910, at 101%, and repayable at par on 1st 
December, 1984. 



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SOUTH AUWrnULlOA 4% STOCK OV 1913 SU 1940-60 

Issued and outstanding £8.000.000. Interest January and July 1. 
Registered or coupon bonds, of which £1.000,000 was issued in July, 
1918. by the Bank of Adelaide, 11. Leadenhall Street. London. E.CL, and 
Messrs. Samuel Montague and Ck>.. 60, Old Broad Street, E.C., at 97, and 
£2.000.000 was issued in February. 1914. by the Bank of Adelaide, at par. 
Principal repayable at par July 1. 1960; the government, however, may 
redeem at par on or after July 1. 1940. on three months' notice. All 
transfers and exchanges free of Stamp Duty. 

SOUTH AVSTHA&ZA. 5% BOHBS OV 1915 9VS 1981-28 

Issued and outstanding £2.000,000. Interest April and October 1. 
Issued in October-November. 1915, at 99%. through the Commonwealth 
Bank of Australia, 86-8. New Broad Street, E.C., to provide for old 4% 
bonds maturing January 1 and April 1. 1916. Bearer bonds of £100, 
£600 and £1,000 each, and the principal is due April 1, 1988, the govern- 
ment may redeem at par on or after April 1. 1921. on giving three months' 
notice. Convertible into registered stock, without charge, at any time up 
to April 6, 1916. All payments are made by the issuing bank. Inscribed 
Stock cannot be exchanged for bonds to bearer. Outstanding bonds. 
£1.086,200, stock. £964.800. 

SOUTH AUSTBA^ZA 5H % J»OAJK OF 1917 DUB 1998-97 

Issued £1.400.000. Outstanding £283,860 Bonds; £1.116.640 Regis- 
tered Stock. Interest April and October 1. at Commonwealth Bank of 
Australia. Repayable at par on April 1, 1927. Government reserves the 
right to redeem the loan at par on or after April 1. 1922, on 8 months' 
notice. Coupon bonds of £100. £500 and £1,000 each, exchangeable for 
Inscribed Stock, but stock is not exchangeable for bonds. 

Issued in March, 1917, at 97 through the Commonwealth Bank of 
Australia, London. Holders of 4% registered stock due April 1, 1917, 
were given privilege to convert their holdings into this issue. 

SOUTH AU8TBAXJA 6H% BBOZSTBBBD STOCHE 1930-40 

Issued and outstanding £8,000,000. Interest February 1 and August 1. 
Dated August 1. 1921. Due August 1, 1940. Redeemable all or in part at 
the option of the Government on or after August 1. 1930. upon three 
months' notice. All payments at the Commonwealth Bank of Australia, 
London, E. C. Free of all taxation in South Australia, if in the ownership 
of a non-resident of South Australia. Registered stock of £100 and 
multiples, transferable in any amount by deed free of stamp duty. 

Authorized by Act No. 1438 of 1920 to provide funds for public works, 
for the settlement of discharged soldiers on the land and for other pur- 
poses. Offered for public subscription in London at par in June, 1921, 
payment being accepted as follows: 5% on application; 15% June 23, 
1921; 40% July 29, 1921; iO% August 24, 1921. 

SOUTH AUSTBAKZA 6% BEOZSTBBED STOCK 1930-1940 

Issued and outstanding £3,000,000. Interest March 1 and September 1. 
Principal repayable at par September 1, 1940, with option to the Govern- 
ment of redemption as a whole or in part at par. on or after September 



2U 



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BRITISH EMPIRE— AUSTRALJA 



1, 1980, upon three months' notice. All payments at the Commonwealth 
Bank of Australia, London. Free of all South Australian taxation pres- 
ent and future if owned by a non-resident. Registerable and transferable 
in any amount by deed, free of stamp duty. 

Authorized by Act No. 1488 of 1920 of the Legrlslature of the State of 
South Australia. Proceeds of this issue were applied to public works, the 
settlement of dischargred soldiers on land, and other purposes. 

Offered by the Commonwealth Bank of Australia. London, in January* 
1922, at 96, payable 6% on application; 11% January 16; 40% March 18, 
and 40% April 18, 1922. Cash subscriptions subject to discount at 4% 
per annum from January 16, 1922, or subsequent date. 

Tasmania 

Area, 26,216 square miles. Population (1921) 211,984. 

Imports, year ended June 30, 1918, £489,249; 1913, £1,026.081. Ex- 
ports, 1918, £951,666; 1913, £622,866. 

Government Revenues year ended June 30, 1921, £2,106,000. Expendi- 
tures 1921, £2.189.000. 

Public Debt £18,776.000 (June 30, 1921). 

Railways, about 800 miles of which 200 miles are privately owned, 
the balance beingr Government owned. 

For the year ending June 30, 1920, 'revenues of State Railways were^ 
£606,177, expenses £687,778, deficit £81.601. 



3H% nrsomxBBs wtook or i889 sra 1920-40 

Issued and outstanding £4,166.600. Interest January and July 1. 
Repayable at par 1st January, 1940, with Government option of re- 
demption at par on or after 1st January, 1920, on twelve months' notice. 
Issued (1) £1,000,000 in April, 1889, at an average price of £98 6s. 8d.; 
(2) £1,106,600 in September, 1890, to the Share and Debenture holders 
of the Tasmanian Biain Line Railway Company, Limited, as purchase 
price of their undertaking; (8) £600,000 In March, 1893, at an average 
price of £92 2s. 2d.; (4) £760.000 in January, 1896, at an average price 
of £98 6s. Id.; (6) £200,000 in July. 1906, at an average price of £97; 
(6) £200,000 in July, 1908, at £98 10s.; (7) £800,000 in October, 1909, at 
£98 10s. 

Agents, Commonwealth Bank of Australia. 86-41 New Broad Street, 
E. C. 2. 

TAMMULMIA, 4% ZVSOBZBXS STOCK OF 1894 DVB 1920-40 

Issued and outstanding £1.000,000. Interest January and July 1. 
£1.000,000 issued in January. 1894, at an average price of £101 4s. 2d. 
Repayable at par 1st January, 1940, or. at the option of the Government, 
on and after 1st January, 1920, on twelve months' notice. Agents. Com- 
monwealth Bank of Australia, 36-41 New Broad Street, E. C. 2. This stock 
identical with above 3% per cent, stock In all respects, except the rate 
of interest. 

TAWMAMIA 3% ZVSOBZBBD STOCK OF 1901 DITE 1920-40 

Issued and outstanding £460,000. Interest January and July 1. Issued 
In October, 1901, at 92%, and repayable at par 1st January, 1940, with 



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KIMBER'S RECORD OF GOVERNMENT DERTS 

Government option of redemption at par on or after let January, 1920. on 
twelve months' notice. Agents, Commonwealth Bank of Australia, 36-41 
New Broad Street, E. C. 2. In all respects, except rate of interest, this 
Issue of stock is identical with the above-mentioned 3H P^r cent, stock. 

TAWMAMIA. 4% ZHSCKIBXD 8TOOK OV 1913 DVB 1940-50 

Issued and outstanding: £2.800,000. Interest January and July 1. 
Issued £1,300,000 in January, 1913, at 99% and £1,500,000 in March, 
1914. Repayable at par 1st July, 1950, or, at the option of the Oovern- 
ment, on and after 1st July, 1940, on three months' notice. 



TASMAVZA 4^% ZmomiBXD STOCK SUB 1985 

Issued and outstanding £137,750. Interest January and July. Issued 
at 96 in exchange for debentures of the Hydro-Electric Power and 
Metallurgrical Co., Ltd., under terms of purchase by the Government. 
Principal is repayable Jan. 1, 1935. 



eH% 

Issued and outstanding £2,000,000. Interest February 1 and August 1. 
Dated August 1. 1921. Due August 1, 1940. Redeemable all or in part 
at the option of the Grovemment on or after August 1, 1930, upon three 
months' notice. All payments at the Commonwealth Bank of Australia, 
Ix)ndon, E. C. Free of all taxation in Tasmania, if in the ownership of a 
non-resident of Tasmania. Registered stock of £100 and multiples, trans- 
ferable in any amount by deed free of stamp duty. 

Authorised by Act Nos. 14 to 18, 30, 44 and 55 of 1920 to provide funds 
for public works, for the settlement of discharged soldiers on the land 
and for other purposes. Offered for public subscription in London at 
par in June. 1921. payment being accepted as follows: 5% on application; 
16% June 23. 1921; 40% July 29, 1921; 40% August 24, 1921. 

Victoria 

Area 87.884 square miles. Population (1921) 1.585,988. 
Imports, year ended June 30, 1919, £34,822,019; 1913, £24,387.073. 
Exports, 1919, £27,824.479; 1913, £17,835,395. 

Government Revenues, year ended June 30, 1921, £18,523,000; 1919, 
£12,787.000; 1914, £10.958.000. Expenditures, 1921, £18,528,000; 1919, 
£12.468.000; 1914, £10.945.000. 

Public Debt £97.317.830 (June 30. 1921). More than half the outstand- 
ing bonds are said to be held by investors within' the State. 

State-owned properties, considered as ofTsets to its debt, are reported 
at the following valuations (June 30, 1921): 

State railways £57,600,000 

Irrigation works 11,100,000 

Instates for settlement 5.000.000 

Estates for soldiers 6.500,000 

Coal mines, cold storage plants, roads, buildings, etc 7.400,000 

Total £87,600,000 

The Government owns 4,197 miles of railways. Cost of construction 
to June 30. 1921. £57,600.000. 

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BRITISH EMPIRES— AUSTRALIA 



For the year ending June 30, 1920, revenues of State Railways were 
£8.224.972, expenses £8.284.793. deficit £69.821. For the year ending 
June 80. 1921. deficit was £651.000. 

▼ZOTOBZA 8H% ZV80BZBBD 8TO€IX OV 1889 DVS 1881-88-86 

Issued £12.000.000. Outstanding £11.939,150. Interest January and 
July 1. Issued £8.000,000 in January. 1889. at an average price of £108 
68.; £4.000.000 in April. 1890. at an average price of £101 lOs. 6d.; 
£8.000.000 in April. 1891. viz.: £2.000,000 at an average price of £97 
lis. 4d., and £1.000,000 "placed in terms of the original prospectus, plus 
Interest to date"; and £2.000,000 in June, 1892. at an average price of 
£92 Is. 5d. £7.000.000 issued in 1889 and 1890. repayable at par let 
October. 1923; £6.000,000 issued in 1891, and 1892, repayable 1st January, 
1926. or, at the option of the Ooverhment. on or after 1st January. 1921. on 
twelve months' notice. Of above total £49.650 has been transferred to 
the Melbourne register. Stock free of Stamp Duty. Agents, Liondon 
County and Westminster Bank. Limited. 

TZOTOBZA 3% OOVBOA. ZVSOBZBBD STOCK OV 1888 DVB 1888-48 

Issued £6,600.000. Outstanding £5.204,714. Interest January and 
July 1. Issued £1.600.000 in February. 1899. at an average price of £96 
3s. 6d.; £3,000.000 in March. 1901, at £93 10s.; and £1.000.000 in July, 
1902. at £96 10s. per cent. Repayable at par Ist January. 1949 the 
Oovemment having the option of redemption at par on or after 1st Janu- 
ary. 1929. on twelve months' notice. Sinking Fund H% per annum of 
the amount of Stock issued. Agents, London County Westminster and 
Parr's Bank. Limited. Of the above total £267.600 has been transferred 
to the Melbourne regrister. • 

▼ZOTOBZA 8H% OOV0O&. STOCK OV 1803 DVB 1888-49 

Issued £6,476.476. Outstanding £6,168.699. Interest April and 
October 1. Issued £2,196.896 in 1903; £768.324 in November. 1908, at 
£82 12s. 6d.; £771.264 In exchange for Treasury Bonds on conversion; 
£702.140 in exchange for a similar amount of 4% Railway Loan, 1881; 
£1,600.000 in May, 1909, at 98%. Repayable at par 1st October. 1949, 
with Government option of redemption at par on or after 1st October, 
1929. on twelve months' notice. Sinking fund, 1% per annum of the 
amount of stock issued. Agents, London County Westminster and Parr's 
Bank. Limited. Stock free of Stamp Duty. Of total Issued £78.258 has 
been transferred to the Melbourne register. 

TZOTOBZA 4% TbOAM OV 1913 DVB 1988 

Issued and outstanding £3,000,000. Interest April and October 1. Re- 
payable at par October 1, 1922, with option to the Government to redeem 
at par at any time after October 1. 1918. All payments at London 
County. Westminster and Parr's Bank. Issued in conversion of 1888 
loans, to the amount of £2.042.500. Denominations, coupon £100, £500 
and £1.000. Not convertible into stock. 

▼XOTOBZA. 4% OOBSOXb BBOZSTBBBD STOCK DVB 1840-80 

Issued £3.000.000. Outstanding £2.963,415. Interest April and October 
1. Denominations £100. £600 and £1.000. Issued through the London 
County, Westminster and Parr's Bank. Ltd.. Lothbjiry. B.C. — £2,000,000 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

in September, 1918, at 98%, partly to provide for the redemption of the 
balance of the loan of 1888, and £1,000,000 in January, 1914, at 97%. 
Repayable at par on April 1, 1960, from a sinking fund of %% per 
annum; the Goyernment, however, may redeem, in whole or in part, af 
par, on or after April 1, 1940, on three months' notice. The stock is 
free of Stamp Duty. Of the above total £86.584 has been transferred to 
the Melbourne books. 

▼XOTOBZA 4H% &OAV OV 1910 DVS 1980-25 

Issued and outstanding £2,260,000. Interest April and October 1. 
Issued in April, 1916, throug^h the London County, Westminster and 
Parr's Bank, at par. Bonds in coupon form of £100, £600 and £1,000 
each. Principal repayable at par April 1, 1925; the Government, however, 
may redeem, in whole or in part, at par, on or after April 1, 1920, on 
grivingr three months' notice. Up to Augrust 3, 1915, holders of the bonds 
had the option of converting: into an equivalent amount of Inscribed 
Stock, with interest payable by dividend warrant sent by post. All pay- 
ments are made by the issuingr bank, by whom the books of the stock 
are kept, and stock is transferable by signature in the books free of 
ohargre and stamp duty. The loan of £2,250,000 is now represented by 
£784,700 In bonds and £1.465,300 in stock. Inscribed stock is not ex- 
changeable into coupon certificates. 

VZOTOBZA 6H% OOHTSBSXOV I^OAV OF 1919 DVS 1984-34 

Issued and outstanding £3,000,000. Interest April and October 1. 
Issued in May, 1919, the London County. Westminster and Parr's Bank, 
Ltd., for the conversion at par of £3,000.000 4% stock due Oct. 1, 1919, 
the balance of the issue outstanding £964,700 was paid ofT in cash at 
maturity. Bonds in denominations of £100, £500 and £1,000. Principal 
repayable at par on October 1, 1934. or on and after October 1, 1924. on 
six months' notice by the Government. Sinking Fund %% per annum. 
Stock transferable without charge and free of stamp duty. 

▼XOTOBXJl 6U% XVUCBIBBD stock or 1980 9VS 1983-96 

Issued and outstanding £5,600,000. Interest April and October 1. 
Principal repayable at par October 1, 1925, the Government having the 
option of redemption at par, as a whole or in part, at any time on or 
after October 1, 1928, on three months' notice. Payments on the London 
Issue at the London County, Westminster and Parr's Bank; on the 
Australian Issue at Melbourne. 

Issued at par in July, 1920, In conversion of the 4% Inscribed Stock 
due October 1, 1920. Of the total issue £2.29^,000 was issued in London, 
the balance in Australia. 

▼XOTOmZA SH% 8TOOK, 1930-1940 ' 

Issued and outstanding £4.000.000. Dated April 1, 1922. Due October 
1, 1940. .Interest April 1 and October 1. All payments at London in 
sterling at London County-Westminster & Parr's Bank. Ltd. BYee of all 
taxation of the State of Victoria present and future if stock is owned by 
a non-resident. Denominations £100 and multiples, registered form only, 
transferable without charge and free of stamp duty either by stockholders 
personally or by their attorneys. 

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BRITISH EMPIRB— AUSTRALIA 



Repayable in London at par October 1, 1940, the Government of 
Victoria havingr the option to redeem the stock as a whole or in part at 
par on or after October 1, 1980, upon three months' notice. 

SinkinsT fund of 10 shillings per £100 of the amount of stock issued 
will be provided annually to accumulate towards the redemption of this 
stock in accordanjce with provisions of the Redemption Fund Act of the 
Victorian Legislature, 62 Vict. No. 1561. 

Authorized by Acts of Parliament of the State of Victoria, Nos. 2480, 
2530 and 8124. Issued to provide funds for the construction of railways, 
irrigation works, and water supply and for the purchase of rollinsr stock. 

Offered for subscription in London in February, 1922, by the London 
County, Westminster & Parr's Bank, Ltd. and others at 99, subscriptions 
beinsT accepted as follows: 5% on application, 24% March Srd, 85% March 
80th, and 85% April 28th, 1922. 



City of Melbourne 



Melbourne is the capital and chief seaport of the State of Victorta, 
and is also the seat of the Government of the Commonwealth of Australia. 
Revenues of the municipal government are derived from taxes (about 
80%). from the sale of electric light and power (about 42%), and from 
rental of city property and miscellaneous sourcea Revenues in 1918 
were £519,217, expenditures £585,170. Revenues for 1920 were £722,902. 
Funded debt December 81, 1920. was £2.885,520, and annual value of 
property within the city £2,490,344. 

Population of the city proper in 1921 was 108.000; population of 
Greater Melbourne, 780,000. 



BOUmVB (OXTT) 4H% DBBBlTrUBSS O^ 1888 

Issued £200,000. Outstandingr £60,000. Interest May and November 1. 
Repayable, one series of £10,000 each year at par, besrinningr May 1, 1908, 
final payment May 1. 1927. All payments at London or Melbourne. Bonds 
to bearer of £100. 

Issued in 1888 in 20 series, £10,000 each. 

Melbourne Electric Supply Co., Ltd. 

The Melbourne Electric Supply Company, Limited, was incorporated 
in the United Kingdom, August 17, 1899. It supplies electricity for light 
and power in the suburban districts of Melbourne, and also electricity and 
street railway service in the Town of Oeelong, about 50 miles from 
Kelboume. 

Melbourne is the capital and chief seaport of the State of Victoria, and 
also present seat of the Oovernment of the Commonwealth of Australia. 
The City of Melbourne Corporation supplies electricity within the limits 
of the city proper to a population of 103,000 (1921). The suburbcui popu- 
lation is 677,000, the total metropolitan population thus being 780,000. 
The Melbourne Electric Supply Company serves 437.000 or more than 
half of the entire urban and suburban population of Melbourne, occupy- 
ing an area of approximately 92 square miles. The City Corporation's 
electrio operations are conducted under statutory powers, which restrict 
them to the area of the city proper, and the Company's operations are 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

restricted to specified suburban areas, thus eliminating: competition be- 
tween the two existing undertakings. 

In the following statements flgrures in sterling: have been converted 
into U. S. dollars at par of exchange. 

Funded Debt: 

6% First Mortgragre Debenture Stock. £220,360 $1,072,400 

6% Consolidated Debenture Stock (Second Mortgage) £224,468 1,092,400 

7H% 26-year General Mortgage Sinking Fund (this issue) 2,600,000 

Total Funded Debt $4,664,800 

Share Capital: 

8% First Cumulative Preference Shares of £5 each, £600.000 2.4SS.800 

Ordinary Stock, £800.600, of which £768,904 is paid up 3,698.200 

Total Paid up Share Capital $6,126,600 

Total Outstanding Share Capital and Funded Debt. . . . $10,791,300 



Total expenditures for Plants and Equipment as carried on the books 
August 81. 1921, were: 

At Melbourne $9,803,986 

At Geelong 1.862,894 $11,666,870 

Against this there has been written off or reserved out of 
profits and transferred to General Reserve Account a 
total of 1.136,616 

Cost of plants and equipment, less Amounts written off or 

transferred to General Reserve, as of Augrust 31. 1921.... $10,381,244 

Net cash and working assets, after deducting all current and 
accrued liabilities as of August 31, 1921, but Including 
cash received in respect of share capital since that date 
and the proceeds of the $2,600,000 Bonds now sold, and 
after providing for retiring $1,260,000 General Mortgage 
68. due March 1, 1922 1,263,911 

Total net assets, after deducting all indebtedness 

except funded debt $11,695^66 



The Revenue and Profit and 



Yew 
ended 
Au.. 


GroM 

Rerenue 

Ind. MiK. 

Income 


1921 


$2,768,686 


1920 


2.290.429 


1919 


1.862.606 


1918 


1,689,636 


1917 


1.441.264 



Net 




Revenue 




ApoUcable 
to Interest 




Interest 


Chaigcs 


Charges 


$1,063,678 


$207,061 


1.033.236 


211.196 


864.021 


192.968 


780,373 


190.060 


710.909 


144.666 



Xaooaie 

Loss Accounta are summarised as follows: 

Ret. for Bftl. AvatUblt 

BrMsh for Sinldng 

Incsnd Fds. DcpredS' 

Excess don Oen. 

Divi- Profit Reeervcaand 

dends Taxes Surplus 

$469,836 Nil $386,791 

374,278 $117,876 829.886 

308.630 48.666 313.768 

288.728 97,330 204,266 

287,321 97.330 181,692 

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BRITISH EMPIRE— AUSTRALIA 



Annual interest charges on the present funded deht. Including: the 
issue of $2,500,000 General Mortgagre Bonds, amount to approximately 
|3i86,000. 

C&sh dividends were paid of 8% per annum on $2,483,300 Preference 
Shares and 10% per annum on $3,693,200 Ordinary Stock, during: each of 
the 9 years, 1913 to 1921, inclusive. 

The control of the Company was transferred from London to Melbourne 
as from Augrust 1, 1921. and the profits of the Company from that date 
are not liable for present British taxation except corporation profits tax. 
The estimated liability for corporation profits tax for 1920 and 1921 has 
been deducted in the above table before arriving: at the net revenue avail- 
able for interest charg:es. and sufficient reserves have been made from 
profits in previous years to provide for liabilities for all other taxation. 

loxnarm mx^ormia buff&t oo., ]«td., qmwemaj, ths, 

A, 1981-1946 



Issued and outstanding: $2,500,000. Dated December 1, 1921. Due 
December 1, 1946. Coupon Bonds of $500 and $1,000 each. Interest pay- 
able June 1 and December 1. Principal and interest payable in United 
States g:old coin at Lee, Hig^nson & Co., Boston. New York and Chicag:o, 
without deduction for any British or Australian taxes. Redeemable, at 
the Company's option, at 102% and accrued interest, as a whole, but 
not in part, except for the sinking: fund, on December 1, 1930, or any 
interest date thereafter on six months* notice (or. In the event that State 
or Municipal authorities exercise their rig:ht to purchase the property in 
1925, on the earliest possible interest date thereafter on three months' 
notice) or for the sinking: fund on December 1. 1924, or any December 1 
thereafter, on two months' notice. 

Annual cash sinking: fund equal to 1% of the face value of all General 
Morte:ag:e Sinking: Fund Bonds Series A Issued, to be applied to the pur- 
chase or call of Bonds of this issue at not exceeding: the redemption 
price. Bonds acquired for the sinking^ fund will be cancelled, but never- 
theless there will be added to the sinking: fund annually an amount equal 
to interest on the Bonds so cancelled. The sinking: fund applicable to 
Series A Bonds will be payable to and administered by Lee. Hig:g:inson 
A Co., as Sinking: Fund Trustee. The first annual payment of the sinking: 
fund will fall due Ist December, 1923. This cumulative sinking: fund will 
be sufficient to retire about 55% of the Series A Bonds before maturity. 

Secured under a trust deed to the Ang:lo-American Debenture Corpora- 
tion, Ltd., London, trustee, by a direct g:eneral mortg:ag:e upon all the 
properties of the Company, subject to the charges in favor of £222,360 
First Mortgag:e 5% debenture stock and £224.468 Consolidated Second 
Mortgragre 6% debenture stock. The total amount of General Mortg:ag:e 
Bonds is limited by a provision in the Trust Deed that the ag:gTegate 
amount of General Mortg:ag:e Bonds and prior-lien securities may never 
exceed the amount of the paid-up share capital of the Company. Future 
series ranking: pari-passu may bear such rates of interest, have such 
dates of maturity, be payable in such currencies and at such places, 
have such redemption prices, tax provisions, convertible provisions, etc., 
as may be determined at the time of issue. 

The proceeds of these Bonds were to be applied to payment of the 
entire issue of $1,250,000 Five Year General Mortgage Convertible Bonds, 



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KIMBER'S RECORD OF GOVERNMBNT DBBTS 

due l8t March, 1922, for liquidating* floating debt and for other capital 
expenditures. 

Offered in February, 1922, by Lfee, Higrginson & Co., Boston. New York 
and Chicago. 

Melbourne Harbor Trust 

The Melbourne Harbor Trust is a corporate body, established in 187t 
to regulate, manage and improve the Port of Melbourne and portions of 
the Yarra and Saltwater Rivers adjacent thereto, for which purpose cer- 
tain lands and properties are vested in Commissioners. Since 1913 the 
property of the Trust has been administered by five Commissioners ap- 
pointed by the Governor in Council. The borrowing power of the Trust 
is limited to £8,000.000. Operating revenues in 1917 were £258.917. in 
1918, £260,904; operating expenses in 1917. £246.483. in 1918, £210.868. 
Operating revenues for 1919 were £261,873, for 1920, £812,419. 

4% »>jjr or 1909 

£200,000. Due 1929. Int. J. & J. 1. Payments In Melbourne. S. F. 
optional, but %% set aside aemi-annually. 

4^% &ojjr or 1913 

£160.000. Due 1988. Int. J. & J. 1. Payments in Melbourne. S. F. 
optional, but W% set aside semi-annually. 
4% KOAir or 1914 

£300.000. Due 1989. Int. J. & J. 1. Payments in Melbourne. 8. F. 
optional, but %% set aside semi-annually. 
4% ZiOAV or 1915 

£500.000 Due 1925. Int J. & J. 1. Payments In Melbourne. S. F. 
optional, but %% set aside semi-annually. 
4% ZiOAir or 1917 

£100.000. Due 1927. Int. J. & J. 1. Payments in Melbourne. S. F. 
optional, but %% set aside semi-annually. 
5% T^OAM or 1918 

Issued £3*00.000. Out. £290.418. Due 1928. Int. J. & J. 1. Payment* 
in Melbourne. Redeemable, 1 bond each year, by means of S. F. of %%. 
5% IfOAV or 1919 

£500.000. Due July 1, 1929. at par. Int. J. & J. 1. Pairments in 
London and Melbourne. S. F. 1%, Denom. £100. 

6H% i«ojjr or 1921 

£450,000. Due 1931. Int. J. & J. 1. Payments in L.ondon. S. F. 
H%. Denom. £100. 

Western Australia 

Area 976.920 square miles. PopulaUon (1921) 838,117. 

Imports, year ended June 80, 1919, £7,977,450; 1914, £4,683.941. ESx- 
ports 1919. £6.927,471; 1914, £5,209,548. 

Public Debt, £49.040,000 (June 30, 1921). 

Government Revenues year ended June 30, 1921. £6,790,000. E2xpendl- 
tures 1921, £7,476,000. 

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BRITISH EMPIRE}— AUSTRALIA 



Railways: About 4,900 miles of which 1,000 miles are privately 
owned, the balance belnsr Government owned. 

For the year endingr June 80, 1920, revenues of State Railways were 
£2,291,876, expenses £2,691,091, deficit £399,216. Deficit for 1921 was 
£454.862. 

WE8TSBV AUSTBA^ZA 4% BOVD8 OV 1881 

Issued £404,000. Outstandinsr £40.600. Interest January and July 16. 
Afrents, Crown Asrents for the Colonies, London. Repayable either by 
purchase, or by drawings in June for repayment at par on 16th July from 
a cumulative sinkinsr fund of 1 per cent, per annum, at the option of the 
Crown Afrents. Bonds in coupon form, of £1,000, £600 and £100. 



' AVWraULLlA 4% ZSrSOBZBSD ST003C or 1885 DVa 1934 

Issued and outstanding £998.368. Interest January and July 16. 
Asrents, Crown Agents for the Colonies, 4 Millbank, Westminister, London. 
£898,868 issued at par since July, 1886, in conversion of Debentures and 
$100,000 in July, 1889, at an average price of £108 16s. 8d. Repayable 
at par 15th January, 1984, a sinking fund of 1% per annum being accumu- 
lated against that date. 



▲VSTBA&ZA 8H% ZV80BZBBD STOCK OF 1886 DVS 1915-38 

Issued and outstanding £760.000. Interest May and November 1. 
Issued in April, 1896, at an average price of £103 Is. 4d. Repayable at 
par 1st May, 1986, or at the option of the Oovemment on or after 1st 
May, 1916, on twelve months* notice. Sinking Fund of 1%. 

Agents, London County Westminster & Parr's Bank, Ltd., 41 Lothbury, 
B. C. 2. 



▲VSTBA^ZA 8% UmamXBMD STOCK OV 1896 DVS 1915-85 
Issued and outstanding £8,760.000. Interest payable May and Novem- 
ber 1. Issued £760.000 in April, 1896, at an average price of £100 16b. 
8d.; £1,000,000 in May, 1897, at an average price of £96 Os. lOd.; 
£1,000,000 in July, 1898, at an average price of £94 8s. 4d.; £1,000,000 
in Bfarch, 1900, at an average price of £98 12s. 16d. Repayable at par 
1st May, 1986, by means of a cumulative Sinking Fund of 1% per annum, 
with Government option of redemption at par on or after May 1st, 1915, 
on twelve months' notice. 

Agents, London County Westminster & Parr's Bank, Ltd., 41 Lothbury, 
K C. 2. 



f AVBTMAULA. 8% ZKSCBZBBB STOCK OV 1896 DVS 1916-86 

Issued and outstanding £1,100,000. Interest June and December 1. 
Created for the purchase of the whole of the interests of the West 
Australian Land Company, Limited, in Western Australia, and Issued (on 
behalf of the company) in December, 1896, and January, 1897, at an 
average price of £98 8s. lid. Repayable at par 1st December, 1986, 
with Government option of redemption at par on or after 1st December, 
1916, on twelve months' notice. A sinking fund of 1% per cent, per annum 
is provided, which may, at the direction of the trustees, be invested in 
Imperial or colonial government securities. Agents, London County and 
Westminster Bank. Stock transferable free of Stamp Duty. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



WmwrwaM AUSTmAULl 8% ZVSOmZBSD stock or 1898 DVa 1M7 

Issued and outstandinfr £2.500.000. Interest January and July 15. 
Issued £1.000,000 In January, 1898, at an average price of £96 68. ld.» 
and £1.500,000 In September, 1901, at 91%. Repayable at par 16th Janu- 
ary, 1927. A sinking fund of 8 per cent, per annum is provided, com- 
mencing^ in 1902, which may, at the direction of the trustees, be invested 
in imperial or colonial government securities. Agents, London County, 
Westminster and Parr's Bank. Stock transferable free of Stamp Duty. 



WB8TB|Ur AUSTBA^ZA 3^% XXBOBIBBD 8TOOX OF 1900 DVS 1990-M 

Issued and outstanding £3,780,000. Interest May and November 1. 
Issued £880.000 in November. 1900, at par, £1.500,000 In January, 1902, 
at £102. 10s. per cent., and £1,400,000 in June, 1905, at £96 lOs. per 
cent. Repayable at par 1st May, 1985, with Government option of re- 
demption at par on or after Ist May, 1920, on twelve months' notice. 
Stock transferable free of Stamp Duty. Agents, London County and 
Westminster Bank. 



AVBTMAVLL 3H% ZVSOBZBBO STOCK OV 1007 DVS 1907-47 

Issued and outstandingr £2,000,000. Interest June and December 1. 
Issued £1,000,000 at 97% In February, 1907, and £1,000,000 at 97% in 
June, 1908. Repayable at par 1st June, 1947, the Oovemment having 
the option to redeem the Stock at par on or after Ist June, 1927, on six 
months' notice. A cumulative Sinking Fund of 1% per annum is pro- 
vided. Stock transferable free of Stamp Duty. Agents, London County, 
Westminster and Parr's Bank. 



%W AUSmAULl 3H% ZVSOmZBXS STOCK or 1900 DVa 1086-56 

Issued and outstanding £4,487,000. Interest April and October 1. 
Agents, London County, Westminster Bank, Limited, 41, Lothbury, E.C. 
Issued £1,445,000 in May, 1909, £1,842,000 in June, 1910, and £1,660,000 
in February, 1911, all at 96Vi%. Repayable at par 1st April, 1956, with 
Government option of redemption at par on or after Ist April, 1986, on 
six months' notice. Issued to redeem pre-existing 4 per cent, stock. 
Stock transferable free of Stamp Duty. A cumulative Sinking Fund of 
%% per annum is provided. 

WMTBBK AUSTBAAZA 9%% ZVSCBZBBD STOCK OV 1010 DVS 1040-00 

Issued and outstanding £1,000.000. Interest February and August 1. 
Issued in February, 1912, at 99%, and secured upon the consolidated 
revenues and assets of the State, subject to the prior charges for certain 
loans as specified in the Act 54 Vict., No. 9. Repayable at par on 1st 
February, 1960, with Oovemment option of redemption at par on or after 
1st February, 1940, on six months' notice. Agents, London County, 
Westminster and Parr's Bank. Stock transferable free of Stamp Duty. 
Westminster and Parr's Bank. Stock transferable free of Stamp Duty. 
A cumulative Sinking Fund of %% per annum is provided. 

wasTBmv AVsnuuuA 4% inscbzbbd stock or 1010 dvs io40-oa 

Issued and outstanding £6,000.000. Interest January and July 1. 
Of which £1.000,000 was issued by the London County, Westminster and 
Parr's Bank, in December, 1912, at the fixed price of 99%; £2.000.000 in 
April, 1913, by the same bank, at the fixed price of 98%%; £1,000.000 In 

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BRITISH EMPIRK— AUSTRALIA 



November, 1918, by the same bank, at the fixed price of 97%, and 
£2,000,000 in January, 1914, by the scune bank, at the fixed price of 98^%. 
The principal is repayable at par January 1, 1962, the Oovemment. 
however, having: the option of redemption at par on or after January 1, 
1942, on six months' notice. Stock is transferable free of stamp duty. 
Secured the same as 8%% Inscribed Stock of 1912. 



▲VSniAZAi. 5%% ZmMmZBBD STOOX or 1990 DVa 1980-40 

Issued and outstanding £1,500,000. Interest March and September 1. 
Repayable at par September 1, 1940. Government reserves the right to 
redeem the loan, in whole or in part, on or after September 1, 1980, pn 
8 months' notice. A cumulative Sinkingr Fund of %%, commencing: to 
accrue four years after Issue, is provided. 

Issued in January, 1920, at 98. 

WB8TBKV AUSTBAl^ZA 6% XV80BIBBD STOCK 1930-40 

Issued £3.000.000. Interest January and July 1. Dated January 1, 
1922. Principal repayable at par July 1, 1940, the Government having 
the option of redemption at par. In whole or in part, on or after July 1. 
1980, upon three months' notice. All payments at the London County, 
Westminster and Parr's Bank, Ltd., London. E. C. Payments to non- 
residents of Western Australia are not subject to taxes, duties or levies by 
that State. Transferable free of stamp duty. 

Authorized by Act. No. 40 of 1920, also General Loan and Inscribed 
Stock Act 1910, Loan Act 1918 and Loan Act 1920 of State of Western 
Australia. 

Puri>ose of issue was the redemption of £2,000,000 Treasury Bills due 
January 26, 1922. which were issued mainly for Railways, Harbors, Water 
Supply, and for settling ex-service men on the land, and about £1,000,000 
Local Inscribed Stock due January 1, 1922. 

Offered In London for public subscription in November, 1921, at 95%'% 
payment being accepted as follows: 5% on application; 30i^% November 
24, 1921: 60% January 26, 1922. 



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Canadian Government 

and 
Municipal Bonds 



Canadian laws give the investor in Municipal 
Bonds the greatest possible protection. 

The record of Canadian Municipal Securities 
is most satisfactory. 

Our lists include Government and Municipal 

Bonds suitable for the investment of funds of 

Banks, Insurance Companies, Estates 

and Private Investors. 

Principal and interest are payable in 
United States funds. 

OORRBSPONDBNCE INVITBD 



Wood, Gundy & Co. 

INCORPOBATBD 

14 WaU Street, New York 
Toronto Montreal Winnip^ London, En^r* 



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CANADA 



The Dominion of Canada was established under its present constitu- 
tion July 1, 1867. The original provinces were Ontario, Quebec, Nova 
Scotia and New Brunswick, and provision was made for the admission 
of British Columbia, Prince E^lward Island, the North West Territories 
and Newfoundland. In 1869 the North West Territories were added to 
the Dominion by purchase from the Hudson's Bay Company; the 
Province of Manitoba was established and admitted to the Confedera- 
Uon In 1870, British Columbia in 1871, Prince Edward Island 1878. 
Alberto and Saskatchewan in 1905. Newfoundland has not availed Itself 
of the provision made for its admission to the Confederation. Area of the 
Dominion is 8,608,910 square miles. Ckipitol. Ottawe. 

POFUKATXOV 

The population has ^own as follows: 

1871 (Census) 3.689,257 

1881 " 4,824,810 

1891 " 4.838,239 

1901 " 6,371.315 

1911 " 7,296,643 

1914 (Estimate) 7.726.000 

1916 " 7.928.000 

1916 •• 8,140.000 

1917 •• 8,361,000 

1918 •• 8.693,000 

1919 •• 8,885,000 

1920 •• 9.127.000 

VATZOVAZi WBAZiTX 

Estimated by Dr. R. H. Coats, Dominion Stotistician. Oct., 1919. 

Agriculture — Improved Lands $2,792,229,000 

Buildingrs 927,548,000 

Impliments 887,079,000 

Live Stock 1,102,261,000 

Fishing:— Totol CapiUl Invested 47.143.126 

Mines — ^Value of Buildings and plant 140.000.000 

Manufacturers — Plant and working capital 2,000.000.000 

Railways 2,000.000,000 

Street Railways 160,000.000 

(Canals 123.000,000 

Shipping 36.000.000 

Telegraphs 10,000.000 

Telephones 95,000.000 

Real Estate and Buildings in Cities and towns (based on 

assessment of 140 localities) 3,500,000.000 

Clothing. Furniture and Personal effects 800.000.000 

Coin and Bullion — 

Held by Receiver-General 119.000.000 

Specie in Banks 82,000,000 

Value in Token Currency 7,600,000 

Imported Merchandise in Store 250,000,000 

Current Production 4.425.028,000 



Total National Wealth 119,002.788,125 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

aumMMMor 

Monetary Unit— Dollar=$1.00 U. 8. 

Oold coins are minted at Ottawa, principally British sovereigrns, fixed 
by law as of the value of $4.86%. 

Paper currency — Chartered and incorporated banks may issue notes in 
denominations of |5 and oyer, subject to strin^nt resrulations of the 
Bank Act. The Dominion Government also has issued notes since 1914. 



Canada's Government issues are based on a gold reserve. The Dominion 
Note Act of 1914 permits an issue of $50,000,000 in the first instance against 
a reserve of 26 per cent, of this amount in specie, any additional issue to be 
covered by an amount in erold equal to the excess over 160,000,000. These 
requirements were modified subsequently by the necessity of providing 
funds in connection with the taking over by the government of the 
Canadian Northern and the Grand Trunk Pacific Railways. Sixteen mil- 
lion dollars was required for this purpose and another 110,000.000 to 
meet obligations of the government in connection with the war, there- 
fore, issues of $76,000,000 are authorized against a reserve of $12,600,000 
gold, or an uncovered issue of $63,600,000. 

While the act calls for gold equal to any additional issue, the 
Finance Act of 1914 permits advances to banks by the issue of Dominion 
notes against approved security. This has been availed of to a con- 
siderable extent but no exact details of the amount so advanced are 
given in any of the returns published by the government. 

Notes Gold 

Outstanding Reserve 

March 1921 $278,000,000 $80,000,000 

1920 312,000.000 100,000,000 

1919 329,000,000 118,000,000 

1918 281,000.000 114.000,000 

1917 178,000,000 119,000,000 

1916 175,000.000 114.000,000 

1915 152,000.000 89.000,000 



OOJTBBB or FBZOB8 

Canadian official index numbers are based on average wholesale prices 
for the decade 1890-1899, from which an average of 135.5 for 1918 is 
arrived at. 

Taking average wholesale prices in Canada in 1913 as a basis of 100, 
the following index numbers are effective: 

Yearly average: 1914, 100.4; 1915, 109.2; 1916, 134.3; 1917, 174.9; 
1918, 205.4; 1919. 216.4; 1920, 249.7. 

Monthly average for 1921: January. 207.6; February. 199.3; March, 
194.2; April, 187.2; May, 182.5; June, 179.0; July. 176.7; August. 174.6; 
September. 171.7; October, 169.2; November, 167.7; December, 170.3. Aver- 
age for year 1921, 181.7. 

These figures should be considered In connection with the totals of 
imports and exports, as shown below. 

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BRITISH EMPIRE— CANADA 



Tomazov cx>i 

(In U. S. DolUrs) 

Tear Per 

ended Total Imports Per Cent. Total Exports Cent 

Mar. SI Imports from U. S. from U. S. Exports to U. S. to U. S. 

1921.. 1.240.158,882 866.613,480 69.0 1.189.168.701 642.304.456 46.6 

1920.. 1,064.528.000 801.097.000 76.1 1.239.492.000 464,028.000 37.6 

1919.. 916,443.000 746.921,000 81.6 1.207,614.000 454.878.000 37.4 

1918.. 962,622,000 791,906,000 88.8 1,640,028,000 417,818,000 27.1 

1917.. 845,381,000 664,220.000 78.67 1,161,876,000 280,616,000 24.87 

1916.. 607.817,000 870.497,000 78.0 741.611.000 201.106,000 87.1 

1915.. 466,446,000 296,682.000 66.1 409.419.000 178.320.000 42.8 

1914.. 638,692,000 410,786,000 64.8 431.690.000 168,874,000 87.9 

1918.. 670,089,000 486,861,000 t6.0 866,766,000 140,767,000 89.6 

1912.. 581.448,000 856.864,000 68.4 290,224.000 102.041.000 86.2 

Values of imports and exports are current market values as declared 

in customs entries and checked by officials. 

Imports and exports are entered as from or to the country of shipment, 
without regard to origin or ultimate destination. Figures for the United 
States given above, therefore, include shipments through the United States 
in transit from or to other countries. No exact figures are available. 

•OTXBJIMMJIT mMTMMVB AV1> BXFSMJ>lTUJtB 

(In U. S. Dollars) 
Year ended Actual A'ctual 

Mar. 81 Revenue Expenditure 

1921 434.386,536 361,118,145 

1920 349,746,000 307,510.000 

1919 312,947,000 282,499.000 

1918. 252.378.000 178.284,000 

1917 232,601,294 148,461,000 

1916 172,148,000 180.351,000 

1915 133,073,000 135,623,000 

1914 163,174,000 127,384.000 

The above are figures of the "Consolidated Fund," comprising general 
sources of revenue (customs, etc.) and general branches of expenditure. 
They do not include Province accounts, capital expenditure on public 
works, etc 

The revenue for the nine months of the fiscal year ending December 
31, 1921, shows a decline of over 15 per cent, compared with the corre- 
sponding period of 1920. Comparative figures for the two periods are as 
foUows: ^^^^ Months Ending December 31 

1920 1921 

Customs $134,^07,860 $77,174,599 

Excise 28.788,467 28,566,149 

War-tax — Inland Revenue.. 57,477,323 56.259,516 

Business profits tax 25,723,276 16.934,714 

Income-tax 19.736,286 72,636.727 

Other war revenue tax 1,148.081 1.528.599 

Post Office 16,500,000 17,100.000 

Other revenue accounts 23.743,628 23,151.056 

Total $844,354,675 $294,270,639 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

VATZOVAIa FUBUO DBBT 

Year ended 

Mar. SI Total Debt Tptal Aameta Net Debt 

•tl922 2.933.946,060 561,360,065 2.372,585,984 

tl921 2,932,868,851 591,984,878 2,340,878,988 

1920 3.014,483.744 1,078,537,461 1,935,946.312 

1919 2,676,685,724 1,101.104.692 1.574.681.08 J 

1918 1,863.385.898 671.461.886 1.191,884,062 

1917 1.882.008.267 602.816,969 879.186.297 

1916 986.937,802 821,831.681 616.166.171 

1916 700.478,814 251.097,781 449.876.088 

1914 544.891.368 208.394,618 886.996.860 

1913 483.232,656 168,930.929 814.301.626 

1912 508.888,591 168,419.131 889.919.460 

1911 474.941.487 134.899.486 340.042,052 

1910 470.663,045 134.894,499 336,268,646 

*A8 of January 3l8t. 

fNo credit has been taken for non-active assets. 

The Oovernment assets, officially estimated value of which is given 
above, consist largely of railways and canals. Government income from 
these Investments has averaged about six-tenths of one per cent pet 
annum during the last ten years. 



BOVD SAUIS BT DOMIVZOV aOTBrnVMBMr, BTO. 

Issues of bonds sold by the Dominion Government. Provinces and 
municipalities in various years are given in the table below: 

Sales Sales Sales Total 

Tear in Canada in U. S. in U. K. bond sales 

1910 139,296.462 13,634.000 $188,070,128 1281.000.690 

1911 44.989.878 17,553.967 204,269,143 266.812,988 

1912 37,736,182 30.966.406 204.286.894 272,937,988 

1913 45.603,753 60,720.762 277.470,780 373.796,89S 

1914 32,999.860 53.944,648 185,990,659 272.936.067 

1916 114.275.214 178.606,114 41,175.000 336.106.828 

1916 102,938,778 206.948.764 6.000.000 366.882.548 

1917 646,330,714 174,708.365 6,000,000 726.089.07t 

1918 727,446,361 33,310.000 14,600,000 T76.866.861 

1919 705.385,419 199,446,670 5.106.188 909,987.228 

1920 101.830.667 223.084,000 324,914,667 

It will be noted that Canada has become increasingly able to supply 
her own capital requirements. The sales in the United Kingdom since 
1915 have nearly all been refunding Issues. Considerable amounts of the 
Issues sold in Canada, however, 'have been distributed in the United States. 

OAwn>Tiiy sB Cuai T iB S vomrmiT to ooTBmHMBvr 

If owned in Oevmany prior to ratlfloAtlon of Peace Treaty 

The Secretary of State of the Dominion Government on January 18. 
1922. issued a warning to investors not to purchase Canadian Government 
or other Canadian securities that were owned in Germany prior to the 
ratification of peace. Any transaction in them is declared to be Illegal, 
and contrary to the provisions of the treaty. Among the securities are 
large amounts of Canadian Pacific Railway stock and debentures. 



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BRITISH EMPIRE— CANADA 



We print herewith in full the statement of the Secretary: 
"It has become apparent throufrh correspondence In the Department 
of the Secretary of State and througrh newspaper references to the subject, 
that Canadian securities owned in Germany before the ratification of the 
Treaty are being: offered for sale in Canada and the United States at 
erreatly reduced prices. In view of the fact that these transactions are 
illesral and contrary to the provisions of the Treaty of Peace, all Canadians 
and others are warned not to purchase any such securities. Under the 
Treaty of Peace with Germany the Canadian Government has the Right 
to retain and liquidate all German-owned property in Canada. Shares, 
bonds and other securities of Canadian companies come within this category. 
Moreover, under the Treaty the German Government bound itself to deliver 
over to Canada all certificates and other muniments of title held by Ger- 
mans in Germany, within six months after the ratification of the Treaty. 
This provision of the Treaty has not been fully carried out. It is true 
that certain certificates of shares of the Canadian Pacific Railway Com- 
pany and some other securities were handed over, but it is well known 
in the Department that a large volume of Securities of the Canadian 
Pacific Railway Company and other corporations has not been delivered 
and that such securities are now being offered for sale to Canadians and 
Americans. Purchasers of these securities acquire no property or title 
that could be recognized either by the Canadian Government or the 
Canadian Pacific Railway Company, and it amounts to the purchasers 
throwing away their money. It is suggested that in the future the pro- 
visions of the treaty may be changed or that pre-war conditions may 
otherwise prevail with respect to these securities so that the purchasers 
would have something to deal with. This is purely visionary." 

Government Bond Issues in Detail 



OAWn>TAy OOTSmViaWT 8H% STBBXJVO JbOAM or 1884 

Issued, £6.000,000. Outstanding £4,822,029, dated June 1, 1884. Interest 
June and December 1 in London. Repayable at par at any time within 
the years 1909 and 19S4 upon six months' notice by the Government A. 
cumulative Sinking Fund of not less than %% per annum will be em- 
ployed in the purchase of 8%% Bonds or Stock at or below par, but the 
Government may invest the Sinking Fund in other securities should the 
price be above par. Bonds in coupon form of £1,000, £600 and £100, con- 
vertible into Stock free of charge. Stock not reconvertlble into Bonds. 
Stock transferable free of Stamp Duty. 

Agents, Bank of Montreal, 47 Threadneedle Street, B. C. £6,000,000 
Issued in June, 1884. at an average price of £91 la. 8d. 



o<iyn>TAy ootsbmiibvt 3^% ZiOav or isss 

Oanadlan Faolflo By. 6o-Tear JmoA Grant Bonds 

Issued, £3,093,700. Outstanding £1,492,400 bonds and £1.601,300 Stock, 
dated June 1, 1888. Interest January and July 1. Repayable at par July 1, 
1988. Bonds in coupon form of £100, £600 and £1,000, convertible into 
Stock free of charge. Stock not reconvertlble into Bonds. There is no 
transfer fee, but there is a Stamp Duty of 2s. 6d. per cent, on the nominal 
amount of stock transferred. 

Agents, Bank of Montreal, 47, Threadneedle Street E. C. Issued at 
96% in June, 1888, by Messrs. Baring Brothers ft Co., on the security of 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

the unsold lands of the Canadian Pacific Railway Company. The net pro- 
ceeds of the sales of land were to be deposited with the Government up to 
an amount sufficient to redeem the principal of the outstanding bonds, 
when the morteragre on the land was to be discharged, and the Government 
to assume all future interest as well as the principal, the Company being 
freed from any liability in respect thereof. Under this arrangement the 
Bonds became a direct obligation of the Dominion Government in the 
latter part of 1906. 



OAWn>TAy OOTBmWlIBVT 8% 8TBSUVO l^OAV OF 1888-94 

Issued. £11,922,280. Outstanding £7.658.472 (Dec., 1921). Interest 
January and July 1. Repayable at par in London 1st July, 1988. Bonds In 
coupon form of £1,000, £500 and £100. convertible into Stock free of charge. 
Stock not reconvertible into Bonds. 

Issued as follows: (1) £4,000,000 in June, 1888, at an average price of 
£96 Is.; (2) £397,721 in 1891 and 1892 at prices ranging from 94 to 96; (S) 
£2,250,000 in July, 1892, at an average price of £92 Os, 6d.; (4) 
£1,600,000 between July, 189S, and June, 1894, at an average price of £96, 
78. 6d.; (5) £2,260,000 in October, 1894. at an average price of £97, 9s. 2d.; 
(6) £1,624,669 for conversions. 

Agent, Bank of Montreal, 47 Threadneedle St., London, B. C 



OAVASZAjr OOTBmWlIBVT 8H% XV8CBXBBD STOCK OV 1897 

Issued £2,000,000. Outstanding £1,004,422, dated October 1, 1897. Interest 
April and October 1. Repayable at par in London, on 1st October, 1947. 
Stock transferable free of Stamp Duty. As regards exchange of registered 
stock into stock certificates to bearer, etc, it is similar to the foregoing. 
Issued in October, 1897, through the Bank of Montreal at an average price 
of £91 10s, 5d. 



OAJTASXAV OOTBBVMSVT 3H% BSOZ8TBBBD STOCK OV 1908-18 

Issued £28,600,000. Outstanding £28,163,740. Interest January and July 1. 
Repayable in London at par on 1st July, 1960, with option to the Govern- 
ment to redeem at par on or after 1st July, 1930, on six months* notice. 
Sinking Fund, H% per annum (created June, 1909). Stock transferable 
free of Stamp Duty. In regard to exchange of registered stock into 
stock certificates to bearer, etc., it is similar to the 8 per cent. loan. 
Agents, Bank of Montreal. 47, Threadneedle St., E. C. 

Issued. £3,000,000 in February, 1908, at par; £6,000,000 in October. 1908. 
at par; £6.600.000 in July, 1909, at 98%%, £4,000,000 in January, 1910. at 
9S%, £2,463,161 for cash, and £1.546,889 in exchange for 4% Sterling Bonds 
and Stock (1910-35); £5,000,000 in May, 1910, at 99%%, £4,646,127 for 
cash and £458,873 in exchange for Bonds and Stock converted; and 
£6,000,000 in February, 1912, at 98%. £3,881,988 for cash and £1,118.012 in 
exchange for 3%% Bonds and Stock converted. 



CAVASZASr OOTSBKMSVT 4% &0«li of 1913-15 

Issued and outstanding £19,800,000. Interest April and October 1. Re- 
payable at par Oct. 1. 1960. with option of the Government to repay the 

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BRITISH EMPIRE— CANABA 



whole or any part of issue at par on or after October 1, 1940, on three 
months' notice, a sinkinsr fund of % % being provided. Stock transferable 
free of Stamp Duty. As regards exchange of registered stock Into stdck 
certificates to bearer, etc. It is similar to the 8 per cent. loan. Agents. 
Bank of Montreal, 47 Threadneedle Street. E. C. 

Issued by the Bank of Montreal as follows (1) £S,000,000 in September, 
1913. at 99. (2) £4,000.000 in December. 1913. at 97. (8) £6.000.000 in 
March, 1914, at 99. (4) £6.000,000 in June. 1914, at 98. (6) £2.300,000 sold 
privately between Sept., 1914, and April, 1916. 



OAWAPTAW CK>TBmvmVT 4^% XiOAV Ol* 1915 

Issued and outstanding £6,000,000. Interest May and November 1. 
Dated May 1, 1916. Due May 1. 1926. Redeemable at par. after BCay 1. 
1920, upon three months' notice. Issued in March. 1916, by the Bank of 
Montreal, in London at 99 %. Denominations, £100. £600, £1,000. 



OAVASZAjr OOTamVMBHT aO-TBAm B% ZiOAV Ol* 1915 
OonTsrsioii Bonds, due 1935 

Issued $894,000. Outstdg. |873,000. Dated August 1, 1916. Due August 
1, 1936. Not redeemable before maturity. Interest February and August 
1. Principal and interest payable, in gold, at the Bank of Montreal, 
Montreal, or at the Agency of Bank of Montreal. New York, at option 
of holder. Coupon bonds of 11,000. registerable as to principal only, or 
fully registered bonds of $1,000. $6,000 and $10,000. Bonds exchange- 
able upon payment of fee of $1 for each new bond. Exempt from all 
Canadian taxes, present and future, including any Income Tax imposed by 
the Dominion Government. 

Bonds were issued in exchange, par for par. to holders of these 
loans who availed themselves of the privilege of conversion: 

Dominion of Canada one and two year 6%. gold notes issued in July, 
1916, and redeemed on Aug. 1, 1916. and August 1, 1917; and Dominion of 
Canada two year 5% gold notes issued In July, 1917, and redeemed 
August 1, 1919. , 



OOWAPTAB OOTBBVMSVT 5% BZTBmVAZi ZiOAJT OF 1916 
•«PabUo Serrlo* J^oa" due 1991-1996-1931 

Issued $76,000,000. Outstanding $50,000,000. Dated April 1. 1916. Due, 
$26,000,000 each on April 1, 1921. April 1, 1926 and April 1. 1931. Not 
redeemable before maturity. Interest payable April 1 and Oct. 1. Principal 
and interest .payable in gold at Bank of Montreal. New York City. Ex- 
empt from all present and future taxes imposed by the Government of the 
Dominion of Canada, including any Canadian income tax. Denomination, 
coupon, $1,000. Registerable as to principal and fully registerable. 
Registered. $1,000, $6,000, $10,000 and $100,000, or any multiple of $100,000. 
Coupon and Registered interchangeable. Listed on the New York Stock 
Exchange. 

Offered Mar., 1916, by J. P. Morgan & Co., Brown Bros. & Co., Harris, 
Forbes & Co., Bank of Montreal, First National Bank, National City 
Bank, and Guaranty Trust Co.. New York, at 99.66, 97.13 and 94.94 and 
interest for respective maturities. 



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£«tabfisli«d (SS9 
Mtftnberslotonto Stock. SncIuui^ 

C5<:arLa.d.i<arL 

<3cn^/evnmant,Municipdl & (Sorpatatkm 

Sccutritlcs 

Sbte ^ladlq mpplkd on. tequett 
SyKu^S t.-Wfst, Unonto 

3i0BafaMRt%nw.VklMUAe 
10Z21brris1hif('BUft.CUo^ 



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BRITISH EMPIRE— CANADA 



OAWiPTiTff OOTBBWMBVT 6H% Sztonud &OMI of 1919 
T«a.TMur Bond* do* 1989 

Issued and outstandingr 160,000,000. Interest February and Ausrust 1. 
Dated August 1, 1919. Due August 1, 1929. Denominations, coupon of 
1100 and $1,000, registerable as to principal. Bonds in coupon form 
exchanereable in the principal amount of $1,000, or of some multiple 
thereof for fully registered bonds, without coupons. Coupon and regis- 
tered bonds interchangeable. 

Both principal and interest payable in gold dollars at the Agency of 
the Bank of Montreal, New York City, without deduction for any Canadian 
taxes, present or future; but this will not exempt from Canadian taxes 
payments made in discharge of the Bonds when beneficially owned by 
persons residing or ordinarily resident in Canada. 

Legal for savings banks in Connecticut, New Hampshire and Vermont. 

Issued originally as Two-year Notes at 99^, and interest, yielding 
about 5.90%. and Ten-year Bonds at 97 and interest to yield about the 
same return. The two-year notes (outstanding $16,000,000) were paid at 
maturity August 1. 1921. 

Offered by J. P. Morgan & Co., Brown Bros. & Co., Harris, Forbes A 
Co., Bank of Montreal, First National Bank, National City Company, 
Bankers' Trust Co., Guaranty Trust Co., and Wm. A. Read & Co., all of 
New York City. 



OAVASXAV OOTZmVMBVT 6% WAB IbOAM Dm 1926 
rint War ftoaa 

Issued. $100,000,000. Outstanding $48,245,800. Dated December 1, 
1915. Due December 1, 1925. Not redeemable before maturity. Interest 
pajrable in gold June 1 and Dec. 1, at any branch of any chartered bank 
in Canada. Principal payable in gold in Canada. Exempt from taxes in- 
cluding any income tax imposed in pursuance of legislation enacted by 
the Parliament of Canada. Denomination, $100, $500 and $1,000, coupon 
to bearer and coupon registered as to principal. Registered $1,000, $5,000 
or any multiple of $5,000. Coupon and registered interchangeable at any 
time without charge upon application to the Minister of Finance. Sub- 
scriptions were received from Nov. 22 to Nov. 80, 1915, at 97% to yield 
about 6.49%. Number of subscribers, 24,862. Listed on the Montreal 
and Toronto Stock Exchanges. 



OIWA1>TATff QCmajnOMT 6% War boaa Din 1981 



Issued (exclusive of conversion), $100,000,000. Outstanding $54,898,700. 
Dated October 1, 1916. Due ^October 1, 1981. Not redeemable before 
maturity. Interest payable April 1 and Oct. 1, at any branch of any 
chartered bank in Canada. Principal payable in gold in Canada. Ex- 
emept from taxes Including any income tax imposed in pursuance of 
legislation enacted by the Parliament of Canada. Denomination. Coupon 
to bearer and coupon registered as to principal only, $100, $500 and 
$1,000. Registered, $1,000, $5,000 and multiples of $5,000. Coupon and 
registered interchangeable at any time upon application to the Minister 
of Finance and payment of twenty-five cents for each new bond Issued. 
Convertible (by legislation enacted in 1917) at 97% and accrued interest 
into future internal loans issued for the purpose of carrying on the war 



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KIMBBR'S RECORD OF GOVERNMENT DEBTS 

ninningr tor a like term of years or longrer. SubBcrlptions were received 
from Sept 12 to Sept. 28. 1916, at 97^, to yield about 6.80%. Number of 
subflcribers, 84,626. Listed on the Montreal and Toronto Stock Exchansea- 



OiWAPTAW OOTZmVMBVT 6% WAM IbOAM Din 1987 
Third War &oaii 

Issued (exclusive of conversions), $160,000,000. Outstandini? 
192,662,800. Dated March 1, 1917. Due March 1, 1987. Not redeemable 
before miaturity. Interest payable Mar. 1 and Sept. 1, at any branch of 
any chartered bank in Canada, or in U. S. Gold at the Agency of the 
Bank of Montreal, New York City. Principal payable in srold in Canada 
or In U. S. gold at the Bank of Montreal, New York City. Exempt 
from taxes includingr any income tax imposed in pursuance of lesrislatlon 
enacted by the Parliament of Canada. Denomination, coupon to bearer 
and coupon registered as to principal, $100, $600 and $1,000. Registered, 
$1,000, $6,000 or any authorized multiple of $6,000. Coupon and registered 
interchangeable at any time upon application to the Minister of BMnance 
and payment of twenty-five cents for each new bond issued. Convertible 
(by legislation enacted in 1917) at 96 and accrued interest into future 
internal loans running for a like term of years or longer, issued for the 
purpose of carrying on the war. Subscriptions were received from Mar. 
12 to Mar. 28, 1917, at 96, to yield about 6.40%. Number of subscribers. 
40,800. Listed on the Montreal and Toronto Stock Exchanges. 



OAVADZAV OOTSBVMBVT 6H% TXOTOmT AOAV Din 1928-1907-19917 
roiirth War &oaa 

Issued $618,000,000. Outstanding 6-year bonds, $194,870,200; 10-year 
bonds, $66,986,460; and 16-year bonds, $262,820,200. Dated Dec 1, 1917. 
Due, 6-year Bonds. Dec. 1, 1922, 10-year bonds, Dec. 1, 1927; 16-year 
bonds, Dec. 1, 1987. Not redeemable before maturity. Interest payable 
June 1 and Dec 1, at any branch of any chartered bank in Canada. 
Principal payable in Canada in gold. Exempt from taxes including any 
income tax imposed in pursuance of legislation enacted by the Parlia- 
ment of Canada. Denomination, coupon to bearer and coupon registered 
as to principal $60. $100, $600 and $1,000. Registered $1,000, $6,000 or any 
authorised multiple of $6,000. Coupon and registered interchangeable at 
any time upon application to the Minister of Finance and payment of 
twenty-flve cents for each new bond issued. Convertible at par and ac- 
crued interest into future internal Issues of like or longer maturity. 
Subscriptions were received from Nov. 12 to Dec. 1, 1917, at 100, to yield 
5.81%, 6.68% and 6.61% for respective maturities. Number of sub- 
scribers, 820,000. Listed on the Montreal and Toronto Stock Exchanges. 



OAWADTiy OOTBBWMBVT 6H % TZOTOmT JbOAM Dm 1983-1988 
riftb War Aoaa 

Issued and outstanding, 6-year bonds, $194,874,000; 16-year bonds, 
$482,064,050. Dated November 1, 1918. Due, 6-year bonds November 1, 
1923; 16-year bonds, November 1, 1933. Interest May and November 1. 
Principal and interest payable in gold in Canada. Coupon bonds to 
bearer of $60, $100, $600 and $1,000, registerable as to principal or fully 
registered. Interest payable directly to holder by Government cheque 

286 



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BRITISH empire;— CANADA 



OD fully reflTistered bonds of $60. |100. $600. 11.000, $6,000, $10,000, 
$26,000, $60,000, $100,000 or any multiple of $100,000. Bonds interchange- 
able upon payment of 26 cents for each new bond issued. Income from 
bonds of this issue is exempt from taxes, including any income tax im- 
posed in pursuance of legislation enacted by the Parliament of Canada. 
Convertible into any future domestic issues of like maturity or longer 
made during period of war. 

Issued from October 28 to November 16. 1918, at 100 and interest 
yielding 6%%. 

oiwiTiTAy ooTBmnavT 6h% TzoromT ^OAir dvb 1M4-1934 

sixth War &oaii 

Issued and outstanding $572,981,200. Dated November 1. 1919. Due 
6-year bonds. November 1, 1924; 16-year bonds November 1, 1984. In- 
terest May and November 1. Principal and interest payable in gold in 
Canada. Coupon bonds to bearer of $50. $100, $500 and $1,000, register- 
able as to principal or fully registered. Interest payable directly to 
holder by Government cheque on fully regi9tered bonds of $50, $100, 
$1,000, $5,000. $10,000, $25,000, $50,000. $100,000 or any multiple of 
$100,000. Bonds interchanged upon payment of 25 cents for each new 
bond issued. Principal and interest of this loan are not exempt from 
Dominion of Canada Federal Income Tax. 

Issued from October 27 to November 15, 1919, at 100 and interest 
yielding 5%%. 

Canadian Government Railways 

The railways owned and operated by the Government of Canada in- 
clude 20,720 miles of line. These lines comprise four great systems, 
which were acquired by the Government in four different ways. The so- 
called Canadian Government Railways were built at Government cost. 
The Canadian Northern was acquired by purchase of its capital stock; 
the Grand Trunk Pacific was acquired through the appointment of the 
Canadian Minister of Railways as receiver of that property (as described 
below) ; the Grand Trunk Railway was acquired by contract with its 
owners, the stockholders, to whom no payment has yet been made (March 
1, 1922). 

The Canadian Northern stock cost the Government $10,000,000 in cash 
The cost of the Canadian Government Railways, as reported by the De- 
partment of Railways and Canals, was $418,040,888 as of December 31. 
1920. No cash has been paid for the Grand Trunk Railway or for the 
Grand Trunk Pacific but the Government has guaranteed obligations of 
all the three last named railways (as further set forth below) and has 
made good heavy deficits from the operation of the lines. 

The capital Invested in these various railways is shown below, the 
amount given for the Canadian Government Railways being the cost as 
reported, the amounts given for the other roads being the face value of 
their stock and bonds outstanding. 

Canadian Government Railways, including 

Quebec Bridge $418,040,888 

C!anadian Northern System 449,327,041 

Grand Trunk Railway 472,193,464 

Grand Trunk Pacific 277,488,644 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

The use of the term "Canadian National Railways'* to describe the 
entire system of railways owned and operated by the Dominion Govern- 
ment was authorized by an order In Council In 1918. In 1919 a corporation. 
"Canadian National Railways'* was authorized and Incorporated but as of 
December 81. 1921, had not been organized. It is Intended ultimately to 
operate all Gtovemment owned lines through this corporation, but in the 
meantime, the roads are operated by a Board of Management whose per- 
sonnel is the same as the Board of Directors ot the Canadian Northern 
Railway, which Is appointed by the Dominion Government. The various 
companies and properties taken over by the Government have not been 
merged in one organization, but the corporate entity of each road Is 
preserved. 

The railroads owned and operated by the Government are the following: 



OAimnAw aoTsmanaan mAzziWATV 

These include the Inter-Colonlal Railway in Quebec and Eastern 
provinces; this road was completed In 1876 and was built In accordance 
with an agreement of Confederation to connect the old province of Canada 
(Ontario) with the Ice free ports of Nova Scotia and New Brunswick. 
The system also includes the National Transcontinental Railway (Moncton, 
N. B. to Winnepeg via Quebec); this Is the northernmost of the East 
and West line In Quebec Province. Construction was. begun in 1903 by 
the Dominion Government under an a«rreement with the Grand Trunk 
Pacific Railway to lease the road, on its completion, for 50 years. The 
Grand Trunk Pacific failed to do this, and in 1918 the Gtovemment Itself 
began operation of the property. This road leases the Lake Superior 
Branch of the Grand Trunk Pacific for 999 years. 



OAiriPTiiff vomrxsmir bazziWat 

Organized as Joint stock company and road built by same. In 1918 
the Dominion Government bought entire capital stock and appointed new 
Board of Directors. This Board was also appointed as the Board of 
Management of all the Canadian Government Railways. 

The Canadian Northern Is the middle line of the three trans-continental 
railway systems, lying between the Canadian Pacific on the South, and 
the Grand Trunk Pacific — National Trans-Continental, on the North. The 
line runs from Quebec via Montreal, Ottawa. Sudbury and Port Arthur 
to "Winnipeg, Saskatoon and Edmonton the Western terminal at Vancouver. 
B. C. This line was completed coast to coast in September, 1915. The 
Company has numerous branches in Manitoba, Saskatchewan and Alberta, 
and leases and operates the lines of the Northern Pacific Railway in Mani- 
toba, the Duluth, Winnipeg and Pacific, the Duluth Rainy Lake and 
Winnipeg, and other smaller lines. 

cwAJTo ymuaj i L TAxmno bazxiWat 

This is the northernmost of the Trans-Continental lines. It was incor- 
porated in 1903, and built from Lake Superior through Winnipeg to a 
terminal on the Pacific Coast at Prince Rupert, about 350 miles north of 
Vancouver. It controls through stock ownership the Grand Trunk Pacific 
Branch Lines Company, which was incorporated to build branch lines in 
Western Canada. The Grand Trunk Pacific Railway Company and all 
subsidiaries went into receivership in 1915, and the Minister of Railways 

288 



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BRITISH EMPIRE— CANADA 



of the Dominion Government was appointed receiver. In September, 1920, 
operation of its lines was taken over by the Board of Management of 
the Dominion Grovemment Railways, but conjtorate entity of the Grand 
Trunk Pacific Company is preserved. The Grand Trunk Pacific is con- 
trolled by the Grand Trunk Railway Company by ownership of |26,000»000 
of Ua $46,000,000 capital stock. 

ORAHB TSmnC SAO^WAT OOXFAIIT OV OAirASA 

This Company was incorporated in Canada in 1852, absorbed numerous 
independent lines, and was consolidated under present title in 1884. It 
controls through ownership of entire or majority of capital stock the 
Grand Trunk Western, the Detroit, Grand Haven & Milwaukee, the Toledo, 
Saginaw & Muskegon, the Central Vermont and other lines In the United 
States. 

On May 11, 1920. the Governor-General of Canada signed the bill 
providing for the purchase by the Government of stock control of the 
Grand Trunk Ry. Co. and guaranty of Its bonds. On May 12, 1921, the 
shareholders ratified the agreement between the company and the Govern- 
ment for Federal control of the road. The contract Includes guaranty by 
the Dominion Government of Interest on: 

Grand Trunk 6% Debenture Stock £4,270,876 

Great Western 5% Debenture Stock 2,723.080 

Grand Trunk 4% Debenture Stock 24,624.466 

Northern Debenture Stock 808,216 

Total outstanding £81,926,126 

also Interest on £12.600.000 Grand Trunk Guaranteed 4% Stock which 
latter is to be known under the agreement as the old guaranteed stock. 

On September 7, 1921. the Board of Arbitrators appointed to determine 
what the Dominion Government should pay to the stockholders on its 
purchase of the system rendered a decision in which It stated that there 
was no value In any of the four classes of stock. 
These are: 

First Preference 6% Stock £3.420.000 

Second Preference 6% Stock 2,680.000 

Third Preference 4% Stock 7.168,066 

Ordinary Stock 23.966,436 

Total £87,078,491 

All of the above Is still In the hands of the public. The decision of 
the arbitrators has been appealed. 



OFUBATZNO MMBUJbTU 
O a n a dUa CtorMnunMit Xailways 

Freight traffic decreased 21 per cent, in 1921 and passenger traffic 17 
per cent, with the total revenues showing a decrease of 8 per cent. 
Transportation expenses were reduced 14 per cent., maintenance expense 
about 8 per cent and the loss from operation from $10,449,876 to $6,587,298. 
The average freight receipts per ton mile of 1.077 cents and also the 
average pajsnenger receipts per passenger mile of 2.644 cents were con- 
siderably lower than on other roads, except the Grand Trunk Pacific, 



289 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



which had a larsre wheat movement and had an averagre freight receipt 

per ton mile of .844 cents. 

Year ended *Dec. 31 1921 1920 

Railway Operating Revenues $40,964,804 $44,587,804 

Railway Operating Expenses 46,561,608 54,987,680 

Net Operating Deficit 5,587,299 10,449.876 

Ratio Operating Ebcpenses to Revenue 118.64% 128.46% 

Average Miles Operated 4,569 4,444 

Operating Revenue per mile $8,985 $10,046 

Operating Expenses per mile $10,210 $12,403 

Oaiiftdlftii Morthmm. Bjm t m u, 

The Canadian Northern System in 1921 showed a reduction In the loss 
from operation from $16,440,476 in 1920 to $6,674,286 in 1921, and in the 
operating ratio from 125.25 per cent, to 109.75 per cent. The most signifi- 
cant feature of this reduction Is that during a year of light traiflc the 
Canadian Northern and also the Grand Trunk Pacific, which was operated 
practically as a division of the system, showed Increases in the revenue 
ton miles and also in freight revenues. The freight revenues, however, 
did not show the increases that would be expected in view of the Increased 
traflnc and the substantial increases in freight rates in effect during all 
of 1921 and only three and a half months of 1920. This was undoubtedly 
due to the large volume of wheat and other low class freight handled 
in 1921. 

Year end^d Dec. 31 1921 1920 

Railway Operating Revenues $67,408,489 $65,108,916 

Railway Operating Expenses 73,977,676 81,544,392 

Net Operating Deficit 6.674.236 16.440.476 

Ratio Operating Elxpenses to Revenue 109.75% 126.25% 

Average Miles Operated 9,785 9,662 

Operating Revenue per mile $6,888 $6,788 

Operating Expenses per mile $7,560 $8,440 

Grand Tmnk mallway 

Freight traffic In 1921 showed a decrease of 19 per cent, and passenger 
traffic 4 per cent.; the Increased rates, however, offset these somewhat, 
so that revenues decreased only 6 per cent. Maintenance of way and 
structure expenses Increased 7 per cent., while maintenance of equipment 
decreased 15 per cent., over a third of this decrease being effected in 
December. Total expenses decreased over 6 per cent., making the net 
revenues slightly greater than for 1920. 

Year ended Dec. 31 1921 1920 

Railway Operating Revenues $76,858,032 $81,442,647 

Railway Operating Expenses 71.179,298 76,213,815 

Net Operating Revenue 5.678,739 5,228,882 

Ratio Operating Expenses to Revenue 92.61% 98.58% 

Average Miles Operated 3,571 8,671 

Operating Revenue per mile $21,523 $22,806 

Operating Expenses per mile $19,982 $21,342 

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BRITISH EMPIRE— CANADA 



OnuiA TniBk Faelllo B«awmj 

The outstandingr feature of operations for 1921 was the large increase 
in freigrht traffic of over 41 ];>er cent. This was due to the operating 
arrangements with the Canadian Northern Systems, but as that road also 
showed an increase it was not a case of diversion of traffic. The revenues 
increased 16 per cent., and as expenses were reduced 16 per cent., the 
operating loss was reduced by over $6,000,000. Transportation expenses 
increased 19 per cent, with increased business, but maintenance of way 
and structure expenses were reduced 88 per cent, and maintenance of 
equipment 80 per cent. The average train load increased with the greater 
traffic density which increased with the freight traffic, 41 per cent. 
Year ended Dec 81 1921 1920 

Railway Operating Revenues $16,638,677 $14,408,649 

Railway Operating Expenses 20,686.166 24,648,068 

Net Operating Deficit 8,997,489 10,184,614 

Ratio Operating ESxpenses to Revenue 124.089^ 170.84.% 

Average Miles Operated 2,807 2,807 

Operating Revenues per mile $6,927 $6,182 

Operating Elxpenses per mile $7,861 $8,748 



BAZZiWAT OUi 

The following railway issues are guaranteed unconditionally, principal 
and interest by the Dominion Government: 



cmy^PTiTff MomirmmmM bazlwat oo. 

4% DebentQM Stock, Aim September 1, 1934. Issued and outstanding 
£8,600,000 ($17,060,888). Interest March 1 and September 1. All pay- 
ments in London in sterling and in Toronto in Canadian funds at $4.8f 
to the £. Stock is in registered form only, transferable at London or 
Toronto in sums of £1 or multiples. 

8% rint Mortgage ]>eb«ntiire Stock, Aim July 10^ 1963. Issued and 
outstanding £1,928,287 ($9,869,997). Interest March 81 and September 80, 
in London only, by warrant. 

8H% »3nt Mtotgage Debentnre Stock, due July 80^ 1958. Issued and 
outstanding £1.622,686 ($7,896,688). Interest January 20 and July 20. 
All payments at the Canadian Bank of Commerce, in London in sterling 
or in Toronto at $4.86 to the £. 

6% OoUatoral Tnwt Votes, due Augnmt 1, 1984. Issued and outstanding 
$4,849,000. Interest February 1 and August 1, in New York. 

5H% CK>ld Votos, doe December 1, 1988. Issued and outstanding 
$6,000,000. Interest June 1 and December 1, at agency of the Canadian 
Bank of Commerce, New York. 

5H% CK>ld Votos, due December 1, 1934. Issued and outstanding 
$6,000,000. Interest June 1 and December 1, at agency of the Canadian 
Bank of Commerce, New York. 

7% S. W. Debentures, doe December 1, 1940. Issued and outstanding 
$26,000,000. Interest June 1 and December 1. in gold at New York. 

6H % 9, W. Debentnre Bonds, due Jnly 1, 1946. Issued and outstanding 
$26,000,000. Dated July 1, 1921. Interest January 1 and July 1. All pay- 
ments in gold in New York at the agency of the CTbnadian Bank of Com- 



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Dominion of Canada 

Bonds and Stocks 



Qovemment 

Municipal 

Corporation 



BOUGHT— SOLD— QUOTED 



Correspondence Invited. 
Inquiries Solicited. 



Jenks, Gwynne & Co* 

Members New York Stock Exchange 

15 Broad Street 29 Hospital Street 



New York 



Montreal 



Private Wires to Montreal^ Toronto^ Quebec^ 
New Orleans^ Chicago and other prominent points. 



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BRITISH EMPIRES— CANADA 



merce. A. S. F. of $600,000 p«r annum, beginning immediately, is available 
for purchase at or below par. Denomination, coupon 11.000. registerable 
as to principal. 



OAVAszjjr wQmirmxMM a^bbbta bailwat 

aiH% Debentnrtt Stook, dne Xaj 4, 1960. Issued and outstanding 
£647,260 (18,149,990). Interest January 20 and July 20 in Iiondon in 
sterling and Toronto in currency at |4.86 to the £. 

aH% Mtfimt^aemO, Stock, Aim AprU 1, 1968. Issued and outstanding 
£788,661. Interest January 20 and July 20 in Liondon and Toronto. 



OAWATyTAy womiTBxmM omtajuo bazx-wat 

aH% CKiarant«sd Stook, Ana May 19, 1961. Issued and outstanding 
£7,498.886. Interest January 20 and July 20, in Liondon In sterling and 
in Toronto, in Canadian funds at |4.86 to the £. Stock in registered 
form only. 

ORAHB TSmnC FAOZFZO BAZbWAT 

4% Mortgage Boada, One Jaanary 1, 1962. Issued and outstanding 
£8.280,000 ($16,000,000). Interest January 1 and July 1, in London in 
sterling, in Montreal in Canadian currency and at New York in U. S. 
gold at $4.86 to the £. Coupon bonds of £200 ($972). reglsterable as to 
principal. 

3% lat Mortgage Bonds, dne Janiuury 1, 1968. Issued and outstanding 
£7.200.000. Interest January 1 and July 1. All payments in London in 
sterling and in New York or Montreal in currency' at $4.86 to the £. 
Bonds to bearer of £100. £600 and £1.000. but reglsterable as to principal 
only and reconverted. 

OBABD TBUBK BAZXiWAT OV OAVADA 

7% 8^ r. Debenture Bonds, doe October 1, 1940. Issued and outstanding 
$26,000,000. Interest April 1 and October 1. All payments in gold, at the 
agency of the Canadian Bank of Commerce, New York. Option to redeem 
at 102% on any interest date after Oct. 1, 1986, upon thirty days' notice. 
S. F. of $600,000 per annum, beginning April 1, 1921, is available for pur- 
chase at or below par. Bonds to bearer of £1.000. 

6% 8^ F. Debantnre Bonds, due Saptember 1, 1936. Issued and out- 
standing $26,000,000. Dated September 1, 1921. Interest March 1 and 
September 1. All payments in gold in New York at the agency of the 
Bank of Montreal. A S. F. of $600,000 per annum, beginning September 
1, 1921, is available for purchase at or below par. Denomination, coupon 
$1,000, reglsterable as to principal. 

Province of Alberta 

The Province of Alberta was formed from a part of the Northwest 
Territory on January 28, 1906. It has an area of 266.286 square miles, 
and a population at present (1921 cennus) at 681.996. comparing with 
496,626, the census of 1916 and 874,688, the census of 1911. 



248 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

VBODUOnOV (IMO) 

Annual value, fleld crops $184,415,564 

animals slaugrhtered 88,000.000 

dairy products 84,000,000 

wool dip (1.740.289 Ibi^) 780,900 

game and furs 2,250,000 

" " horticulture 2,285,000 

" poultry and products 5,000,000 

live stock 156,177,088 



Total 1266,881,465 

Annual value, coal and coke production (1920) 88,919,240 

▲ooomrr (imo) 

Total revenue |10,920»000 

Total expenditures 10,428,000 



BSTBinni AOOOUVT (2>sa 31, 1981) omozAXi : 

Total revenue $12,778,879 

Total expenditures 12,786,294 

Matmnent of Assets and ZdaUUtUs at l>«o«mb«r 81st, IMO 



Cash in Bank $ 845.287.19 

Telephone Plant, Stock and Tools $15,884,894.90 

Less Depreciation and Renewal Re- 
serve 250,000.00 



15,584,894.90 

Public Buildings (includlngr Stock Advance) 9,214,967.10 

Bridges 8,848,608.98 

Trunk Roads and Bridges thereon, Ferries, etc 5.151,489.64 

Province of Alberta 4% Debentures due 1922 171,668.76 

Demonstration Farms 471,501.95 

Interest-bearing Lioans 5.401,298.68 

Repayable Working and Improvement Advances 

(including Drought Relief) 1,600,848.72 

Shares Lacombe and North Western Railway 2,081.86 

Miscellaneous 360.392.97 

Deferred Revenue 3,637,116.76 



$45,784,507.40 



Deposit (in lieu of debt) in hands of Dominion (Gov- 
ernment 8,107,500.00 

Deposit (School Lands Fund) $5,972,000.00 

Deferred and Overdue payments of 

principal on School Lands 7,416,456.12 



18,888.456.12 

Unsold School Lands — 6.830«648.61 acres at $12.00 

per acre 81,967,788.81 



$149,248,246^.84 
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BRITISH BMPIRB— CANABA 



UaMUtUs 

Debentures and Resrlstered Stock Outstanding 141,989,900.00 

Less Sinking Fund 1,231.159.20 



(including 116,000,000 self-sustaining investments) $40,758,740.80 

Temporary Loans (Savings Certificates Included).. 8.774,900.56 

Municipal Sinking Funds 54,121.69 

Balance— Excess Assets over Liabilities 104.660,483.80 



$149,248,246.84 
Not itemized in above statement: 
Contingent Liability on Railway Guarantees (Total 

Provincial Liability) (April 80, 1921) $48,620,450.00 

Less C.N.R., C.N.W. and G.T.P. Railways (Purchased, 
or controlled and operated by Government of 
Clanada under Canadian National Railway System) 26.426,750.00 



$17,098,700.00 
Since the publication of the Provincial balance sheet as of December 
81. 1920. there have been officially reported the following figures having 
relation to the financial position of the Province of Alberta as of April 
80. 1921. 

Actual value of all taxable property (estimated) . . $1,000,000,000 

Assessed valuation of taxable property 529,000,000 

Annual subsidy from Ctovemment of Dominion of 

Canada 1.621,076 

Total bonded debt 66.621,68d 

Less: Sinking Fund and Revenue Producing Debt 26,467.008 

Net bonded debt $40,154,622 

BAI^WAT OUABAVTBSB OV JJLBSBTA 
Oanadlim Vorthem Ballwmj Oo. 

First Mortgage 4% Debenture Stock, due Jan. 23, 1939. £1.147.945. 
Interest June and December 1, by warrant, in London in sterling and in 
Toronto in dollars. 
Oanadlaw Vorthem Western BaUway 

First Mortgage 4%% Debenture Stock, due Feby. 16. 1942. £1.114.520. 
Interest June and December 1. by warrapt. in London in sterling and in 
Toronto in dollars. 

First Mortgage 4%% Debenture Stock or Bonds, due Oct. 22, 1943, 
£289,620. Interest May and November 1, in London in sterling and in 
Toronto in dollars. 
Alberta ft Chreat Waterways BaUwaya 

First Mortgage 5% Debenture Bonds, due Jan. 1, 1959, $7,400,000. In- 
terest Jan. and July 1. in London at Morgan, Grenfell & Co. 
Bdmostoa, DimTegan ft Britisli Oolninbia Ballways 

4% Debenture Stock, due Feby. 16, 1942. £1,438,356. Interest Feby. and 
August 16. at Lloyds Bank, London. 

First Mortgage 4% Bonds, due Oct. 22, 1944, $2,420,000. Interest April 
and October 1. at any branch of Union Bank, of Canada, and England; 
also in New York. 

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KIBJBBR'S RECORD OF GOVERNMENT DEBTS 

Oruid Tnmk Paolflo Brttaoh UnM Oo. 

First Mortgage 4% Sterling Bonds, due Feby. 16, 1942, £288,600. In- 
terest May and November 1, in London in sterling or in New York and 
Montreal in dollars. 

First Mortgage 4% Bonds, due Feby. 26, 1989, £600,000. Interest May 
and November 1, in London In sterling or in New York and Montreal in 
dollars. 

Bond Issues in Detail 

AXASmTA lO-TXAB 4m, 1998 

Issued, £1,000,000, November. 1912, by Lloyds Bank, London, at 97 flat 
Dated November 1. 1912. Due, November 1, 1922. Principal and interest 
payable (Blay and November) in London, Toronto, Montreal and Edmon- 
ton. Denomination: £100. Convertible into 4% registered stock due 
November, 1942. Issued for telephone purchase and public expenditure. 
The stock is registerable and transferable in multiples of £1, by special 
deed, free of Stamp Duty. Outstanding, £987,200. 

JJLBBBTA 5-TXAm 6s, DUX 1999 

Issued, 11,000.000. Outstanding. $176,000. Dated Dec 1. 1917. Due 
Dec. 1, 1922. Principal and interest payable June and Dec 1. in United 
States gold coin at the Bank of Manhattan, New York, and in gold at 
the Imperial Bank of Canada in Toronto, Montreal or Eldmonton, or in 
sterling at the flxed rate of $4.86 % at Lloyd's Bank, Ltd., London. 
Denominations: Coupon $1,000, $600 and $100. registerable as to principal. 

AXASmTA 3-Tm4m 6s, DVB 1998 

Issued and outstanding, $3,000,000. Dated May 1. 1920. Due May 1. 
1928. Interest May and November 1. Principal and interest payable in 
gold in New York, Montreal, Toronto or Edmonton at holder's option. 
Coupon bonds of $1,000, registerable as to principal. 

Secured as a direct and primary obligation of the Province of Alberta. 

Offered May 1, 1920, at 96.08 and interest to yield 7.60% by A. E. 
Ames & Co., Wood. Oundy A Co., Dominion Securities Corporation. 
Toronto, and First National Bank, Detroit. 

AXASmTA 4s, Dm 1998 

Issued and outstanding $188,833.34. Dated November 1, 1914. Due 
November 1, 1922. Interest May and November 1. Principal and interest 
payable at Montreal, Toronto and Eklmonton. Issued account of telephone 
expenditures. 

AXABBTA 10-Tm4m 4H«f BVB 1998 

Issued $3,600,000. December. 1918. by Spencer Trask & Co.. Harris 
Forbes & Co. and others at 96^. Dated December 1, 1918. Due Decem- 
ber 1, 1928. Principal and interest payable in gold (June and December) 
in Toronto. Montreal. Edmonton and New York. Denominations: $100. 
$600 and $1,000. May be registered as to principal or fully registered. 
Sinking fund H% annually. Issued for elevator and telephone 
expenditures. 

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BRITISH EMPIRE— CANADA 



%TA lO-TSAm DBBBVTVmS 4H»i BUS 19M 
Issued 17,400.000. December, 1914, by Spencer Trask A Co., Harrts 
Forbes & Co., Equitable Trust Co., and others at 97 ^. Dated Feb. 1, 1914. 
Due Feb. 1, 1924. Principal and interest payable in gold (February and 
August) in Toronto, Montreal. New York and London. Denominations: 
1500 and |1,000. May be resristered as to principal or fully registered. 
11,876,000 issued in London, England, and listed there. Sinking fund 
H% annually. 



»TA 10-Ym4» DBBSVTUmS 6«, DUX 1M5 

Issued $4,000,000, May, 1916, by Spencer Trask & Co., Dominion Securi- 
ties Co. and Wm. A. Read A Co., at 97%. Dated May 1, 1916. Due BCay 
1. 1926. Principal and interest payble in gold May and November in 
London, Toronto, Montreal, Edmonton and New York. Denominations; 
1100, $600 and |1,000. May be registered as to principal or fully regis- 
tered. Sinking fund ^% annually. 



rA 10-Ym4» DBBBVTUBS 6s, Bin 1986 

Issued $2,000,000, May, 19ie, by Wood. Oundy & Co. Dated May 1, 
1916. Due May 1, 1926. Interest and principal payable May and Nov. 1, 
in gold at the Imperial Bank of Canada in Toronto, Montreal and Edmon- 
ton, in London, and in New York at the Bank of Manhattan Company. 
Sinking fund %% annually. 



WTA WHBTilTi 6s, Hm 1999-86 

Issued and outstanding $2,000,000. Dated July 16, 1921. Due $600,000 
annually, July 16, 1923 to 1926. Interest January 16 and July 16. Prin- 
cipal and interest payable at the Imperial Bank of Canada in Toronto, 
Montreal, E2dmonton, or at the Bank of the Manhattan Company, New 
York. Free from all provincial and municipal taxes in Alberta. Denomina- 
tion, coupon, registerable as to principal. 

A direct obligation of the Province and are a charge upon the general 
revenue. 

Offered, July, 1921, by Wood, Oundy & Company at the following prices: 
Bonds due 1928 at 96.37 cmd interest to yield 8.00 per cent.; due 1924 at 
96.01 and interest to yield 7.90 per cent.; due 1926 at 98.76 and interest 
to yield 7.86' per cent.; due 1926 at 92.66 and interest to yield 7.80 per cent. 



, 10-Ym4» DBBBVTVBX 6s, DUX 1988 

Issued and outstanding, $826,000. Dated June 1. 1918. Due June 1, 
1928. Principal and interest payable June and Dec 1, at Imperial Bank 
Canada, Toronto, Montreal and Edmonton, and in London, or Bank of the 
Manhattan Company, New York. Denominations. $600 and $1,000. Under- 
written by C. H. Burgess & Co., and Canada Bond Corporation, Toronto. 



»TA lO-Ym4» 6H«. Bin 1989 
Issued $8,000,000. Outstanding $2,186,000. Dated December 16, 1919. 
Due December 16, 1929. Coupon bonds, in denomination of $1,000, regis- 
terable as to principal only. Principal and interest pajrable (June 16 
and Dec 16) in gold at Imperial Bank of Canada, Toronto, Montreal, 



un 



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KIMBER'8 RECORD OF GOVERNMENT DEBTS 

Edmonton, or at the Bank of Manhattan Co., New York, at the holder's 
option. This issue is a direct obligation of the Province of Alberta and 
is free from Succession Duties, as well as Municipal and Provincial 
taxes. Offered by the Dominion Securities Corporation, Ltd., at 92.04 
and accrued interest, to yield 6.60%. 

AKBBBTA 10-Ym4» 6s, Din 1980 

Issued and outstanding 12.000,000. Dated August 16, 1920. Due August 
16, 1980. Interest February and August 16. Principal and interest pay- 
able in gold in Toronto, Montreal and Edmonton, or at the Bank of 
Manhattan Company, New York, at the holder's option. Coupon bonds of 
$1,000, registerable as to principal. Bonds are exempt from Provincial 
taxation, Succession duties, charges and impositions, as well as municipal 
and school taxes. 

Offered August, 1920, at 89.60 and interest, to yield 7.60% by the 
United Financial Corporation, Limited. 



ajbBbmta io-Ym4» namoYmwaoKT em. Din i98o 

Issued and outstanding $1,000,000. Dated November 1, 1920. Due 
November 1, 1980. Interest May and November 1. Principal and interest 
payable in gold in Toronto, Montreal and Edmonton, or at Bank of 
Manhattan Company, New York. Coupon bonds of $1,000, registerable as 
to principal. Exempt from any present or future taxes imposed by the 
Province, including any income tax, and from municipal and school taxes. 

Offered November, 1920, at 92% and interest, to yield over 7% by 
Harris, Forbes A Co., and National City Co. 



»TA 6i^ Dm 1931 

Issued and outstanding $2,100,000. Dated September 1, 1921. Due Sep- 
tember 1, 1931. Interest March 1 and September 1. Principal and interest 
payable In gold in New York or Canada. Denomination, coupon $1,000, 
registerable as to principal. A direct obligation of the Province. 

Offered by Guaranty Company of New York at 96 and interest to yield 
about 6.70 per cent. 



JJLBBBTA 15-Ym4» 6s, DVB JAHVABT, 1996 

Issued and outstanding $2,000,000. Dated January 15, 1921. Due Janu- 
ary 16, 1936. Interest January 16 and July 16. Principal and interest 
payable in gold in Toronto. Montreal or Edmonton. Free from all 
Provincial taxes. Denomination, coupon $500 and $1,000, registerable as 
to principal. 

A direct obligation of the Province cmd are a charge upon the Consoli- 
dated Revenue fund. 

Offered, January, 1921, by Wood, Oundy and Co., at 98.06 and interest 
to yield 6.20 per cent. 

ALBMVTA 16-Ym4» 6s, Dm APBI^ 1936 

Issued and outstanding $2,000,000. Dated April 1, 1921. Due April 1, 
1986. Interest April 1 and October 1. Principal and interest pasrable in 
gold at Toronto, Montreal or Edmonton. Free from provincial taxes. 
Denominations, coupon $500 and $1,000. registerable as to principal. 

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BRITISH EMPIRE— CANADA 



Issued for Telephone Construction purposes, and are a charge upon the 
Consolidated Revenue fund. 

Offered, April. 1921, by Dominion Securities Corporation, Ltd., at 97.69 
and accrued interest yieldingr 6.26 per cent. 



JLLBSBTA aO-Ym4» DBBSVTUmS 4s, Din 1988 

Issued and outstanding £411,000. Issued June 1, 1908, by Lloyds Bank 
of London, at 99 H. Dated June 1, 1908. Principal and interest (June 
and December) payable in Toronto, Montreal, Edmonton and London. 
Repayable at par on June 1, 1988. No sinking fund. Issued for telephon* 
purchase. Listed in London. Denomination, £100. 



»TA SO-TSAm 6H8, Bin 1989. 
Issued $1,000,000, Jan., 1919, by A. R Ames & Co., and Wood, Oundy 
& Co., at 99.14, basis of 6.67%. Dated Jan. 1, 1919. Due Jan. 1, 1989. 
Principal and Interest payable (Jan. and July 1) in gold at Imperial 
Bank of Canada, Toronto, Montreal and Edmonton, or Bank of Manhattan 
Co., New York City. Coupon, registerable as to principal only. 



AXABBTA 80-Ym4» 6«, DVB 8BPTB1CBBB» 1941 

Issued and outstanding $2,250,000. Dated September 1, 1921. Due 
September 1, 1941. Interest March 1 and September 1. Principal and 
Interest payable in gold at Treasurer's office, Eidmonton or at the Imperial 
Bank of Canada, Toronto or MontreaL Denominations, coupon $600 and 
$1,000, registerable as to principal. 

A direct obligation of the Province and are a charge upon the Consoli- 
dated Reyenue fund. 

Offered by Aemillus Jarvls & Co., Ltd., at 97.72 and accrued Interest 
to yield 6.20 per cent 



A^BBBTA 80-Ym4» 60, Dm OCTOBBm 1, 1941 

Issued and outstanding $1,068,000. Dated October 1, 1921. Due Octo- 
ber 1, 1941. Interest April 1 and October 1.' Principal and interest payable 
in gold at Toronto, Montreal or Edmonton. Free from all Provincial 
taxes. Denomination, coupon $1,000, registerable as to principaL 

A direct obligation of the Province and are a charge upon the Consoli- 
dated Revenue fund. 

Offered. November, 1921, by A. E. Ames & Co., at 98.86 and Interest 
to srield 6.10 per cent 



4% BBcnsmuBD SToax, Dm 194a 

Issued £12,800, to provide for conversion of 4% debenture issue due 
Nov. 1, 1922. Repayable at par on November 1, 1942. Underwritten by 
Lloyds Bank. London. Outstanding £12.800. Interest May and Novem- 
ber 1, in London. 

AABBBTA 4H % BBOX8TBBBD STOCK, Dm 1943 

Issued £1,000.000, October, 1918, by Lloyds Bank, London, at 96. Dated 
Nov. 1, 1913. Principal and interest payable (May and November) in 
London. Issued for telephone expenditures and public works. Sinking 

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KIMBBR'S RECORD OF GOVERNMENT DEBTS 

fund 1% annually. Repayabto at par on Noy6mber 1, 194S. Transfers 
on special forms, in multiples of £1, free of Stamp Duty; stock belnir 
exempt from municipal and provincial taxes, or other provincial chararee. 

ALMMMTA 4H«> BVB 1948 

Issued and outstanding |188,888.S4. Dated November 1, 1914. Due 
November 1, 1948. Interest May and November 1. Principal and interest 
payable at Montreal, Toronto and Eklmonton. Issued account of telephone 
expenditures. 



»TA 5H«. 1988-1947 
Issued and outstandlnsr 13,846.000. Dated January 2, 1922. Due Janu- 
ary 2, 1947. Interest January 1 and July 1. Principal and interest payable 
in srold at New York or at the option of the holder in Canada. Denomina- 
tion, coupon 11000, regristerable as to principal. 

A direct obligation of the Province of Alberta, repayable from its 
ereneral revenue. The proceeds of the issue are to be used as follows: 

Extension of the Provisional Telephone System 12,000,000 

Public Works (authorized by Legislature) 1.086,000 

Construction, maintenance and operation or improve- 
ment of railways under the control of the Province 710,000 
Offered in January, 1922, at 99% by Dillon, Read & Co. and others. 

ASbBMBTA 5H% OOZA BOVS8, 1988-1969 

Issued and outstanding 13,000,000. Dated April 1, 1922. Due April 1, 
1952. Interest April 1 and October 1. Principal and interest payable in 
gold in New York, or at the option of the holder in Canada. Not callable 
before maturity. Denomination, coupon $1,000, regristerable as to principal. 

These bonds are a direct obligation of the Province of Alberta, and are 
repayable from its general revenue. 

Offered in March, 1922, by Dillon, Read & Co., and others, at 108 and 
interest, to yield 5.30 per cent. 



mrnrBSSzxnr or aiiBbbta es bus avovbt 8, i985 
CHuuraateed by the Proylnoe of Alberta 

Issued: $750,000. Dated February 8, 1920, due August 2. 1926. In- 
terest payable February 2 and August 2. Principal and interest payable 
in gold in New York City, Toronto, Montreal or Edmonton at holder's 
option. These bonds are free from all succession duties, municipal and 
provincial taxes. Denominations: coupon: $500 and $1,000, registerable 
as to principal. 

A direct obligation of the University of Alberta and guaranteed un- 
conditionally principal and interest by the Province of Alberta by 
endorsement. 

Province of British Colombia 

The Province of British Columbia was formed in 1866 as a union of 
the colonies of British Columbia and Vancouver Island, and on July 20. 
1871, entered the Canadian Confederation. It has an area of 896,610 
square miles and a population at present officially estimated at 462,000, 
comparing with 892,480, the census of 1911. 

UO 



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BRITISH EMPIRE)— CANADA 



Annual value, forest production, including: pulp and 

paper $92,628,807 

Annual value, mineral output 86.648.084 

Annual value, fishery products 16.216.297 

Annual value, agrricultural products 69.004,968 

Total 1212.898.141 

mmwMMvm auu o u j it 
(Tmx ended Kflurah 81, 1981) 

Total revenue (Current Account) $16,219,261.82 

Total expenditures (Current Account) 16.286.981.86 



(As of Ootober, 1981) 

Approximate value of assessable property $801,407,268 

Total bonded debt 60,641.486 

Less: Sinkingr Funds 7,688.000 

Net bonded debt 62,968.486 



BAZ^WAT OV J 

Oawadlaii Wcrthmm Paoiflo Ballwaj 

First Mortgaere 4% Debenture Stock — ^Due April 2. 1960, £8,872,829. 
Interest April and October 2 by warrant, in London in sterling or in 
Toronto in dollars. 

First Mortgage 4%% Terminal Debenture Stock — ^Due April 2. 1960, 
£1,770.000. Interest April and October 2 by warrant, in London in sterling 
or in Toronto in dollars. 
Paoiflo U Great Bastem Ballway Oo. 

First Mortgage 4%% Debenture Stock— Due July 16, 1942. $16,800,000. 
Interest Jan. and July 16 by warrant, in London or in Toronto. Interest 
has been paid since 1916 by the Prov. of British Columbia under its 
guarantee, at London in sterling and in Canada in dollars at $4.86 to 
the £. Transferable in sums of £1 and multiples. 

Second Mortgage 4%% Debenture Stock — Due July 16. 1942. $8,860,000. 
Interest Jan. and July 16 by warrant, in London or in Toronto. Interest 
has been paid since 1916 by the Prov. of British Columbia under its 
guarantee, at London in sterling and in Canada in dollars at $4.86 to 
the £. Transferable in sums of £1 and multiples. 

Bond Issues in Detail 

BXSnSK OO&VXBZA 6-TBAB 5s, BUS JAMUMMT, 1985 

Issued and outstanding $2,460,000. Dated January 6, 1920. Due 
January 6, 1926. Coupon bonds, in denomination of $1,000. registerable as 
to principal. Interest payable Jan. and July 6, in gold at the Canadian 
Bank of Commerce in Toronto, Montreal and Victoria, and at the Agency 
of the Canadian Bank of Commerce, New York. Oftered at 98.80 and 
interest, yielding 6.60% by Wood, Oundy & Co.. A. E. Ames & Co.. and 
the Dominion Securities Corporation, Ltd. 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

OO&UIIBZA 6-TBJA 6s, BUB JUVB 1, 1M5 

Issued and outstanding 12,000,000. Dated June 1, 1920. Due June 1, 
1926. Interest June and December 1. Principal and interest payable In 
gold at New York» Montreal. Toronto or Victoria, at the option of holder. 
Coupon bonds of $1,000, re^sterable as to prindpaL 

Offered June. 1920, at 92.86 and interest by A. E. Ames A Co., Wood, 
Oundy A Co., Dominion Securities Corporation and Halsey, Stuart & Co. 



Bsmss ootbVmsul b-txas 6m bub juvb ao, ims 

Issued and outstandlnsr $2,800,000. Dated June 80, 1920. Due June SO. 
1926. Interest June and December 80, Principal and interest payable In 
gold in New York. Victoria, Toronto and Montreal. 



BBiram OOBVXBZA 5-TXAB 6e, BBB JVBT, 1906 

Issued and outstandlnsr $8,000,000. Dated July 27, 1920. Due July 27. 
1926. Interest January and July 27. Principal and interest payable In 
srold in Toronto, Montreal, Victoria, and at the Agency of the Canadian 
Bank of Commerce, New York, at the option of holder. Coupon bonds 
of $1,000. regristerable as to principal. 

Offered July. 1920. at 92.86 and interest, to shield 7.75% by Blyth, 
Witter & Co.. Bond & Goodwin, and R. H. Moulton & Co., San Francisco. 

BBXTX8K doXiVlEBZA. 10-TXAB 4H6> DVB BBOBMBBB, 1906 

Issued and outstanding $8,180,000, In December, 1916, at 90)4. by 
Dominion Securities Corporation and Wood, Gundy & Co. Dated Deo. 1. 
1916. Due Dec. 1, 1925. Principal and Interest (June and December) 
payable in srold in New York, Toronto, Montreal and Victoria. Denomina- 
tions: $500, $1,000. May be resristered. 



OOIbJJMMUL 10-TBAB 4^S, bub 1906 
Issued and outstanding $2,000,000. Dated July 1, 1916. Due July 1. 
1926. Interest January and July 1. Principal and interest payable in 
gold in New York or in Montreal, Toronto and Victoria. 



BBZTXm COXiUlIBZA 6-TBAB 6s, BUB MABOK 01, 1906 

Issued and outstanding $2,000,000. Dated March 21. 1921. Due March 
21, 1926. Interest March 21 and September 21. Principal and interest 
payable in U. S. gold at the Agency of the Canadian Bank of Commerce 
In New York and In lawful money of Canada at the Canadian Bank of 
Commerce, Toronto, Montreal and Victoria. Denomination, coupon $1,000, 
registerable as to principal. 

A direct obligation of the Province and a charge upon its general 
revenue. Issued for main trunk roads and soldiers' land settlement. 

Offered, March, 1921, by Dominion Securities Corporation, at 94 and 
accrued Interest, to yield over 7.46 per cent. 

BBZTBIK OOIbVMBIA, 6-TBAB 6s, BUB AFBIB 06, 1906 

Issued and outstanding $3,000,000. Dated April 26. 1921. Due April 
25. 1926. Interest April 25 and October 25. Principal and Interest payable 



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BRITISH .EMPIRE— CANADA 



in IT. 8. sold coin in New York City. Denominations, coupon |600 and 
11,000. 

Offered by Carstens and Earles, Inc.. at 98.84 and accrued interest, to 
yield 7.60 per cent. 



OOlbUlKBXA. 6-TBJA 6s, BUB JUBT 18, 1926 

Issued and outstandinsr 12,000.000. Dated July 16, 1921. Due July 16, 
1926. Interest January 16 and July 16. Principal and interest payable in 
STold at the Canadian Bank of Commerce, Toronto, Montreal and Victoria, 
or at the Aerency of the Canadian Bank of Commerce in New York City. 
Denomination, coupon |1.000, reeristerable as to principaL 

A direct obligation of the Province, issued for main trunk roads and 
for soldiers' land settlement. 

Offered, July, 1921, by Miller and Company, New York, at 9S and 
interest, to yield about 7.76 per cent 



OOBVMBXA 6-TXAS 60, DVB AVOVBT 16, 1926 

Issued and outstandinfir 11.000.000. Dated August 16, 1921. Due August 
16, 1926. Interest February 16 and August 16. Principal and interest 
payable in gold at the Canadian Bank of Commerce in Toronto, Montreal 
and Victoria, or at the Agency of the Bank in New York City. Denomina- 
tion, coupon 11,000, registerable as to principal. 

A direct obligation of the Province, and issued for refunding purposes. 

Offered, August, 1921. by Miller and Company, New York, at 94 and 
interest, to yield about 7.60 per cent. 

BBzmn ooibUmmxjl io-tbab ss, bub 1993 

Issued and outstanding $1,000,000. Dated Aprtl 1, 1918. Due April 1, 
1928. Interest payable in gold March an^ Sept 1 in New York, Montreal* 
Toronto, Winnipeg and Victoria. Underwritten by W. A. Mackenzie ft 
Co.. and Brent Noxon A Co.. Toronto. 



OOIbVMMUL 20-TXAB 3H9> 2>VB 1937 
Issued 1471,000, in 1897 and 1898, and $200,000 in 1899. Interest June 
and Dec. 30, in Montreal, Toronto and Victoria. Denominations, $1,000. 
Dated July 1, 1917. Loan is repayable July 1. 1937. Outstanding 1920, 
$446,000. 



BBZTZ8K OOT,jntMt£L 20uTBAB 5s, BUB 1937 

Issued and outstanding $300,000. Dated Dec. 1. 1917. Due Dec 1, 
1937. Interest June and December 1. Principal and interest payable in 
Montreal, Toronto and Victoria. 

BBZTI8S COBV1IBZA.20-YBAB 58, BUB 1938 

Issued and outstanding $600,000 in three issues. (1) Dated April 1, 
1918, and due April 1, 1938, $200,000; (2) Dated Nov. 1, 1918, and dU9 
Nov. 1, 1938. $100,000; (3) Dated Dec 1. 1918, and due Dec 1, 1988. 
$200,000. Principal and interest payable in Montreal. Toronto and 
Victorta. 



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KIMBBR'S RECORD OF GOVERNMENT DEBTS 



BBXTZSK OOlkUMBIA. 20-TXAS 5^8, DVB 1939 

Issued and outstandlngr $3,000,000. Issued In March, 1919. by Dominion 
Securities Corp.. and Wood, Gundy & Co., at par and interest. Dated 
March 6, 1919. Due March 6, 1939. Interest payable in srold« on 6th of 
March and September, at Canadian Bank of Commerce, Victoria. Toronto, 
Montreal; in U. S. gold at Agency of Canadian Bank of Commerce, New 
York. Denominations: $100, |500 and 11.000. Registerable as to principal 



BBITXSK OOlkVUBIA. SO-TXAB 58, DVB 1989 

Issued 13.000.000, by Wood. Gundy & Co., Dominion Securities Corp.. 
A. E. Ames & Co., at 93.40. and Interest. Dated July 2, 1919. Due July 
2, 1939. Interest payable Jan. and July 2, in gold at Canadian Bank of 
Commerce, Toronto, Montreal and Victoria; at Agency of Canadian Bank 
of Commerce. New York. Denominations: |100, |600 and |1,000. Regis- 
terable as to principal. 

BBITZ8K OOlkVUBZA 4H«. BVB MAT, 1941 
AgrloQltiina Credit Oomnilsrtoii Bonds 

Issued and outstanding |1,000,000. Due May 1, 1941. Principal and 
semi-annual interest payable in gold at the Canadian Bank of Commerce, 
New York, Toronto, Montreal and Victoria. 



BBXTIBK OOI^UICBZA. 4H% ZB80BIBD 8TOCX, Wim AVBO, 1941 

Issued and outstanding £1,600,000. Issued in April, 1914, by Canadian 
Bank of Commerce at 99. Repayable at par on April 1. 1941. Payable 
in London. Interest April and October. Denomination: £100 and multiples. 
Listed in London. A sinking fund of not less than 2 per cent per annum 
provided to be employed in the purchase of stock. Stock transferable free 
of Stamp Duty. Agents, Glyn, Mills. Currie & Co., 67 Lombard Street, 
E. C, London. 

BBXTZSK OOZIUWnSUL 8% ZB80BIBBD 8TO0K, miM 1941 

Issued £2,046,760. Outstanding £1,804,700. Issued in London by Bank 
of British Columbia (now Canadian Bank of Commerce). Denomination: 
£1 and multiples. Interest pasrable January and July 1st. Principal 
repayable at par, July 1, 1941. Accumulative sinking fund. Stock trans- 
ferable free of Stamp Duty. Agents. Glyn, Mills, Currie & Co.. 67 
Lombard Street, E. C. London. Lflsted in London. 

Issued £200,000 of this same issue in August, 1891, at 86. Issued 
£128.700 in October. 1898. at 91. Issued £420,000 in May. 1896, at 96. 
Issued £840,000 in July. 1899. at 96. Issued £721.000 In November, 1902; 
at 92, and the balance issued in exchange for pre-existing loana 



BBXTZSK OOlkVlIBZA aO-TBAB 60, J>TIM JUVB, 1941 

Issued and outstanding $3,000,000. Dated June 16. 1921. Due June 
16. 1941. Interest June 16 and December 16. Principal and interest pay- 
able in gold at the Canadian Bank of Commerce at Victoria, Vancouver. 
Winnipeg, Toronto or Montreal. Denominations, coupon |600 and |1,000. 
regis terable as to principal. 



SS4 



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^ 



BRITISH EMPIRE— CANADA 



A direct obllsration of the Province and a charge upon the Consolidated 
Revenue Fund 

Offered, June, 1921, by A. B. Ames Co.. at 95.52 and Interest, to yield 
6.40 per cent. 



OOlkVUBZA. aO-YSAB em, DVS AVOV8T, 1941 

Issued and outstanding* $1,000,000. Dated August 15, 1921. Due August 
16, 1941. Interest February 15 and August 15. Principal and interest 
payable in gold at Canadian Bank of Commerce at Victoria, Vancouver, 
Winnipeg, Toronto or Montreal. Denominations, coupon $500 and $1,000, 
registerable as to principal. 

A direct obligation of the Province and a charge upon the Consolidated 
Revenue Fund. 

Offered. August, 1921, by A. E. Ames & Co., at 95.52 and interest, to 
yield 6.40 per cent. 



OO&mDBZA. 20uTBA» 61^ DVB OOTOBBB 90, 1941 

Issued and outstanding $2,000,000. Dated October 26, 1921. Due Octo- 
ber 26. 1941. Interest April 26 and October 26. Principal and interest 
payable in U. S. gold in New York,' and also payable In Canada. Denomina- 
tions, coupon $1,000, registerable as to principal. 

A direct obligation of the Province and a charge upon the general 
revenues. 

Offered. October, 1921. by Dillon. Read and Co., New York. 



BBXTZSM OatOJMMlA 26-TBAB 61^ DVB 1946 

Issued and outstanding $2,000,000. Dated October 1. 1921. Due Octo- 
ber 1, 1946. Interest April 1 and October 1. Principal and interest pay- 
able in Toronto. Montreal, Winnipeg, Vancouver or Victoria. Denomina- 
tions, coupon $500 and $1,000, registerable as to principal. 

A direct obligation of the Province and a charge upon the Consolidated 
Revenue Fund. 

Offered, October, 1921, by Wood. Gundy & Co. 

Province of Manitoba 

The Province of Manitoba entered the Canadian Confederation in 
1870, under the Manitoba Act. It has an area of 251,882 square miles and 
a population at present ofUcially estimated at 618,000, comparing with 
568,860, the census of 1916, and 455.614, the census of 1911. 

VBODVOTIOB 
(1919) 

Annual value, fishery products $1,900,000 

Annual value, lumber and products 1,000,000 

Annual value, mineral products 2,846,566 

Annual value, agricultural products 162,452,200 

Annual valu6, dairy products 16,789,898 

Total 1184,988,668 

266 



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KIMBER'S RECORD OP GOVERNMENT DEBTS 

B8VBHUB AOOOmrT 
(Tmut •lUI«d Mov. SO, 1921) 

Total revenues $9,800*860 

Total expenditures 10,401,896 

TZMAXOtAL 8TATB1IBVT 
(As of Jane, 1991) 

Approximate assessable value of all property 1680,000,000 

Value of Provincial Assets 96,108,000 

Total bonded debt 58,809.870 

Less: Sinkinfir Fund and revenue producinsr bonds.. 88.680,770 

Net bonded debt 84.679,100 

(VOT. 30, 1991) 

Total bonded debt 161,929.870 

L«es8: Sinking: Fund and revenue producinsr bonds.. 88,481,110 

Net bonded debt 22.498,760 



mAI^WAT OVJ 

Oanadiaa Vorttieni Ballwaj 

First Consolidated 4% Debentures, Due June 80, 1980, £8,215,900. 
Interest June 30 and December 81, in Uondon in starlinflr. or in New York 
or Toronto in dollars. 

Sifton Branch 4% Bonds, Due Feby 1, 1989, £288,700. Intereat Feby 
and August 1, at Toronto. 

Gilbert Plains Branch 4% Bonds, Due Nov. 80, 1980, £500. Interest 
May and November 1. at Toronto. 

Manitoba & South Eastern Ry. 4% Bonds, Due Feby 1, 1929, £106,800. 
Interest Feby and August 1, in London in sterling or in New York In 
dollars. 

Ontario Div. First Mortgage 4% Debentures, Due June 80, 1980, 
£1,146,700. Interest June and December 80, in London in sterling or In 
Toronto in dollars. 

Winnipeg Terminals 4% Bonds, Due July 1, 1939, £616,488. Interest 
Jan. and July 1, In London in sterling or in New York and Toronto la 
dollars. 

First Mortgage 4% Debenture Stock. Due June 80, 1980, £587,671. 
Interest Jan. and July 1. in London in sterling or in New York and 
Toronto in dollars. 

Bond Issues in Detail 

MAVZTOBA S-TXAS 5s, DIHB 1923 

Issued and outstanding $1,000,000. Dated April 16, 1920. Due April 
15, 1923. Interest April and October 15. Principal and interest payable 
in gold at Toronto, Winnipeg or New York. Coupon bonds of |1,000, 
registerable as to principal. 

Offered in April, 1920, by A. EL Ames & Co. and Wood, Qundy A Co. 

MAVZTOBA 35-TBAm 5s, miM 1993— SBBIBS «'B" 

Issued £308.000. in May, 1888, by London County, Westminster ft 
Parr's Bank at 107. Due July 1, 1928. Principal and interest (January 
and July) payable in London. Denominations: £100. £200 and £500. Listed 

266 



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BRITISH EMPIRE— CANADA 



In London. Bonds payable to bearer, but may be registered on payment 
of % per cent. Bonds once regristered remain so. Transfer form special; 
fee 2s. 6d. per cent. Outstanding: £305.600. 



MASZTOBA 6-TBJA 5s, BUS 1923, SBBZBS ^^T 

Issued and outstanding: $600,000. Dated Sept 1. 1918. Due Sept. 1, 
192 S. Interest March and September 1 In Winnipeg: only. 

MABXTOBA S-TBAB M, BUB 1923 

Issued and outstanding $500,000. Dated October 1, 1920. Due October 
1, 1923. Interest October and April 1. Principal and Interest payable in 
gold at Union Bank, New lork, Toronto. Montreal or Winnipeg, at the 
holder's option. Coupon bonds of $500 and $1,000, registerable as to 
principal. 

Offered October. 1920. at 94 and interest to yield over 7.25% by Wood, 
Gundy & Co. 



MABXTOBA 6-TBAB 60, BVB JAMVABT, 1925 

Issued and outstanding $4,000,000. Dated January 2. 1920. Due Janu- 
ary 2. 1925. Coupon bonds, of $1,000 denomination, reg:isterable as to 
principal. Principal and Interest payable Jan. and July 2. in gold at 
Winnipeg. Toronto and Montreal, or New York. Bonds are a direct obliga- 
tion of the Province of Manitoba, and are payable from Its general 
revenue. Offered at 97.89, and accrued interest, to yield about 6.50% by 
Kean, Taylor & Co. 

MABXTOBA 6-TBAB 6s, BUB AFBZ&, 1925 

Issued and outstanding $2,850,000. Dated April 1. 1920. Due April 
1. 1925. Interest April and October 1. Principal and interest payable in 
gold at J. P. Morgan & Co., New York, or at the option of the holder. 
In Montreal. Toronto and Winnipeg. Coupon bonds of $1,000. registerable 
as to principal. Coupon bonds exchangeable In the principal amount of 
11.000 or of some multiple thereof for registered bonds without coupons. 
Coupon and registered bonds interchangeable. Exempt from present or 
future taxes imposed by the Province, including any Income tax and from 
municipal and school taxes. 

Offered April. 1920, at 95.84 and interest to yield about 7% by Harris, 
Forbes & Co.. J. P. Morgan & Co.. Brown Bros. & Co., National City Co., 
and the First National Bank of New York. 



MABXTOBA 6-TBAB 60, BUB MAT, 1925 

Issued and outstanding $1,000,000. Dated May 15. 1920. Due May 
15, 1925. Interest May and November 15. Principal and Interest payable 
in gold at Toronto. Montreal, Winnipeg and New York. Coupon bonds of 
$1,000, registerable as to principal. 

Offered May, 1920. at 93.84 and interest to yield 7.50% by A. E. Ames 
A Co. and Wood, Gundy & Co. 



MABXTOBA 5-TBAB 6s, BVB AVOV8T 2, 1925 

Issued and outstanding $3,250,000. Dated August 2. 1920. Due August 
2. 1925. Interest February and August 2. Principal and interest payable 
in gold at New York and at Toronto, Montreal and Winnipeg. Coupon 
bonds of $1,000, registerable as to principal. 



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KIMBKR'8 RECORD OF GOVERNMENT DEBTS 

MJkMTTOmA B-TSAB 6s, DVB AUQVBT 16, IMS 

Issued and outstandlnsr $1,250,000. Dated Aug, 16. 19S0. Due Aug, 
16, 1926. Interest February and August 16. Principal and interest pay- 
able in gold. In New York, or In Winnipeg, Toronto or Montreal, at 
holder's option. Coupon bonds of $600 and $1,000. 

Offered August. 1920. at 92.86 and interest to yield 7.75% by the 
National City Co.« Detroit and Halsey. Stuart & Co.. Chicago. 

MABZTOBA S-TSAB 6s, HVm OOTOBBB^ IMS 

Issued and outstanding $760,000. Dated Oct 1. 1920. Due Oct. 1, 
1925. Interest April and October 1. Principal and interest payable in 
gold, in New York or In Winnipeg. Toronto or Montreal, at holder's option. 
Coupon bonds of $1,000. 

Offered October, 1920. at 96.24 to yield 7.15% by The Minnesota Lioan 
& Trust Co. 



I>BA S-TBAB Ss, BVB 1M6 

Issued and outstanding $1,000,000. Dated March 1. 1921. Due March 
1/ 1926. Interest March 1 and September 1. Principal and Interest pay- 
able In U. S. gold at the Union Bank of Canada In New York or In Mon- 
treal, Toronto or Winnipeg. Free from all Provincial taxes. Denomina- 
tion, coupon $1,000, reglsterable as to principal. 

A direct obligation of the Province and a charge upon the general 
revenues. 

Offered. Miarch. 1921. by The National City Company, at 90% and 
interest, to yield about 7.37 per cent. 



XABXTOBA 10-TB4B 4H« Uid Bm, J>ini 1M6 

Outstanding 4Hs $1,164,000 and 6s $1,497,000. Dated July 1. 1916. Due 
July 1. 1926. Principal and interest payable (Jan. and July 1) at the 
office of J. P. Morgan & Co.. New York. In United States gold coin, or 
at the option of the holder In London at the fixed rate of exchange of 
$4,865 to the pound sterling. Exempt from any present or future taxes 
Imi>o8ed by the Province of Manitoba. Including any income tax, and from 
municipal and school taxes In the Province. Denomination: Coupon $1,000. 
and multiples thereof, reglsterable as to principal and exchangeable for 
fully registered bonds. Coupon and registered bonds interchangeable. 



MABXTOBA 10-TBAB 60, BVB IMS, SBBXBS •'IT' 

Issued $1,000,000. February. 1918, by Wood. Oundy & Co.. Dominion 
Securities Corp. and A. E. Ames & Co. at 98.16 and interest. Dated Feb. 
1, 1918. Due Feb. 1. 1928. Principal and interest payable Feb. and 
Aug. 1. In gold In Toronto. Montreal. Winnipeg or New York. Tax 
exempt provisions same as 6s of Oct. 1, 1920. Denominations: Coupon 
$1,000 and $500, reglsterable as to principal. 



XABZTOBA 10-TBAB 6s, DVB IMS, SBBXBS ''X" 

Issued and outstanding $200,000. Dated May 8. 1918. Due May 8. 
1928. Interest May and November 3 In Winnipeg and New York at par. 



258 



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BRITISH EMPIRE— CANADA 



MASXTOBA QO-TMAm 4fl, DVB 1988 

Issued 1161,000 by the Province in 1908-11. Due July 1. 1928. Principal 
and interest (January 1 and July 1) payable in Montreal and Winnipeg) 
Issued to various municipalities for purchase of local telephone systems 
by Province. 



MABXTOBA. 10-TBAB 6s, mim 1988, BBBIBS 'T" 

Issued and outstandinsr $1,000,000. Dated Aug^ust 1. 1918. Due Auirust 
1. 1928. Interest February and Augrust 1. Principal and interest payable 
at par, in Winnipesr, New York, Montreal or Toronto. 



KABZTOBA 86-TBAB 4m BVB 1988, 8BBZB8 •OT" 

Issued £206,000 in October, 1893, in London, by Martin Currie & Co., 
Eldinburgfa, at 100. Interest (May and November) payable in London, 
and principal repayable at par, November 1. 1928. Denomination: Itif^ 
and £600. Listed in London. Afirents, National Banlc of Scotland, Limited. 
87 Nicholas Lane, E. C. 



MABXTOBA aO-TBA» 4m J>ini 1980^ SBBXBS "MT 

Issued 1849,000 by the Province in October, 1900. Due October 1, 1980. 
Principal and interest (April 1 and October 1) in Wlnnipesr. Issued to 
Can. Nor. Ry Co. as aid for Minnesota Section. 



XABXrOBA aO-TBAm 4s, J}TIM 1930, BBBXBB •*W 

Issued 1200,000 by the First National Bank of Chicaero, in Novem- 
ber, 1900. Dated Nov. 1, 1900. Due Nov. 1, 1980. Principal and interest 
(May and November) payable in Chicagro. 



MABXTOBA 10-TBAB 6S, DUB rBBBVABT, 1930 

Issued and outstanding $2,498,000. Dated February 2, 1920. Due 
February 2, 1980. Interest February and August 2. Principal and 
interest payable in gold at J. P. Morgan & Co. in New York, or at the 
option of the holder, in Montreal, Toronto or Winnipeg. Coupon bonds 
exchangeable in the principal amount of $1,000 or of some multiple 
thereof for registered bonds without coupons. Coupon and registered 
bonds interchangeable. Exempt from present or future taxes imposed 
by the Province, including any income tax and from municipal and 
school taxe& 

Offered February, 1920, at 92.89 and interest to yield about 7% by 
Harris, Forbes & Co., J. P. Morgan & Co., Brown Bros. & Co., and 
National (^ty Co., New York. 

MABXTOBA 10-TBA» 68, DUB BOTBMBBB, 1930 

Issued and outstanding $1,000,000. Dated Nov. 1, 1920. Due Nov. 1. 
1930. Interest payable May and November 1. Principal and interest 
payable in gold, in New York, or In Winnipeg, Toronto or Montreal, at 
holder's option. Coupon bonds of $600 and $1,000. 

Offered November, 1920, at 92.91 to yield 7% by the Minnesota Loan 
& Trust Co.. Minneapolis, Minn. 



269 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

XAVXTOBA 10-Tm4» 6s, BUB 1981 

Issued and outstandinsr 12,000,000. Dated January 8, 1921. Due January 
S, 19S1. Interest January and July 8. Principal and Interest payable In 
New York, Montreal. Toronto and Winnipeg. 

Offered January, 1921, at 90.28 and interest to yield 7.40% by R. A. 
Daly & Co., Toronto. 

MAMTtOBA 16-Tm4» 5^*, BVB 1934 

Issued and outstandinsr 11,580,000. Dated April 1, 1919. Due April 
1, 1934. Interest April and October 1. Principal and Interest payable. 
In erold, at Toronto, Montreal, Winnipeg or New York. Coupon bonds of 
$1,000, regristerable as to principal. Exempt from all provincial Succes- 
sion Duties and taxes. 

MAVZTOBA aO-TSAB 6s, I>TIM 1937 

Issued and outstanding $800,000. Dated Dec 1, 1917. Due Dec. 1, 
1937. Interest June and December 1. 

MJJfXTOBA 90-nAB 5H«f BUB 1939 

Issued $1,600,000, by Wood, Gundy & Co., and A. E. Ames & Co., at 
par and interest, yielding 6V^%, in Feb., 1919. Dated Feby. 1, 1919. J>ue 
Feby. 1, 1939. Principal and Interest payable Feby. and Aug. 1 in gold 
at Union Bank of Canada, Toronto, Montreal, and Winnipeg, or at Bank's 
Agency, New York. Denomination: $1,000. Reglsterable as to principal. 

XABZTOBA aO-TBA» 9s, BUB 1939 

Issued and outstanding $1,680,000. Dated June 1. 1919. Due June 1, 
1989. Interest June and December 1. Principal and interest payable In 
Winnipeg. 



BCABZTOBA 20-TBAB 60, BUB JUBB, 1941 

Issued and outstanding $2,530,000. Dated June 1, 1921. Due June 1. 
1941. Interest June 1 and December 1. Principal and interest payable 
in gold at Toronto, Montreal or Winnipeg. Denominations, coupon $500 
and $1,000, reglsterable as to principal. 

A direct obligation of the Province and a charge upon the Consolidated 
Revenue Fund. 

Offered, May, 1921, by A. R Ames & Co., at 98.29 and interest, to yield 
6.16 per cent. 

XABZTOBA aO-TBAB 5H«« 1922-1948 

Issued and outstanding $2,250,000. Dated March 1, 1922. Due Decem- 
ber 1, 1942. Interest March 1 and September 1. Principal and interest 
payable in United States gold coin at the agency of the Union Bank of 
Canada in New York or in Toronto, Montreal or Winnipeg. Denomination, 
coupon $1,000. reglsterable as to principal only. 

A direct obligation of the Province of Manitoba. 

Legal for Savings Banks in Connecticut and other states. 

Offered in March. 1922, at 102.50 to yield about 5.30% by Aemillus 
Jarvis & Co. and others, 

2«0 



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BRITISH EMPIRE— CANADA 



MAMTTOBA aS-TBAK 60, DVB 1946 

Issued and outstandlner $2,725,000. Dated October 1, 1921. Due 
October 1, 1940. Interest April 1 and October 1. Prlncii>al and Interest 
payable In U. S. gold, coin in New York, or In Canadian funds In Toronto, 
Montreal or Winnipesr* Denomination, coupon $1,000, registerable as to 
principal. 

A direct oblifiration of the Province and a ohar^ upon the Consolidated 
Revenue Fund. 

Offered, October, 1921. by Dillon, Read & Co. 



IKAVXrOBA 40-TXAS 4s, DVB 1947, SBBIBS 'OP* 

Issued $1,000,000 in July, 1907, by R. Wilson Smith. Dated July 1, 
1907. Due July 1, 1947. Principal and interest (January and July) pay- 
able in Montreal and London. 



MABXTOBA 40-TBAS 4m mim 1947, SBBZBS 'V* 

Issued £719,100 in May. 1908. Dated July 1. 1907. Principal and 
interest (January 1 and July 1) payable in Montreal and London. De- 
nomination £100. Repayable at par July 1, 1947. Issued to the Bell 
Telephone Co. of Can. for its system; resold to Canadian Agency, Ltd., 
and offered in London, May, 1909, by Paris Bank, at 99. Listed in London. 
Agents, Parr's Bank, Limited, 4, Bartholomew Lane, E. C. Outstanding 
1920. £698,600. 

An Act passed by the Provincial Government authorizes banks to pay 
interest at par of exchange in Canada. 



OBA 40-TBAS 4s, mTM 1949, BBBZBS "J" 

Issued £156,500 by London County West. & Parr's Bank in London, 
October, 1909, at 102. Principal and interest (January and July) In 
London and Montreal. Denominations: £100, £200. Repayable at par Jan. 
1, 1949. Listed in London. Issued for improvement and extension of 
Oovemment telephone system, and for other public works. Outstanding 
£124,200. 

An Act passed by the Provincial Government authorizes banks to pay 
interest at par of exchange in Canada. 

MABXTOBA 4% BBOZBTBmBD STOCK, mim 1950 

Issued £1,916,000 by the CJanadian Bank of Commerce, in 1910-11-12 at 
103. 101 and 98% respectively. Interest (May and November) payable In 
London and Winnipeg and principal repayable May 1, 1950. Sinking fund 
^% annually. Listed in London. Stock transferable free of Stamp 
Duty. Outstanding 1920, £1,488,680. 

Interest is paid to holders on the Winnipeg register if resident in 
C!anada or the United States, at par of exchange in dollars. 

MABXTOBA 4^% B80Z8TBBBD STOCK, DUB 19S3 

Issued £400.000 in April. 1913. by Union Bank of Canada, at 102. 
Principal and interest (April and October) payable in London and Winni- 
peg at fixed exchange of 14.86 % to £. Repayable at pai*. April 1. 1968. 
Listed in London. Stock transferable free cf Stamp Duty. Outstanding 
£276,600. 



261 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



XAVZTOBA BmAlirAOB nmMM 


























Interest 




Date of Issue 


Due Date 




Rate 


Amount 


July 


1, 


1896 


July 


1. 


1926 


Drainagre Diet. No. 1 


. 4H% 


199.766.66 


July 




1899 


July 


Ip 


1929 


.« 




4 % 


200.000.00 


May 


16, 


1904 


May 


16. 


1934 


«. 






140.000.00 


Sept. 


16, 


1905 


Sept. 


16. 


1985 


«. 






160.000.00 


Jan. 




1907 


Jan. 


1. 


1987 


M .« 






26.000.00 


Sept. 




1905 


Sept 


1. 


1930 


«• 






10.456.00 


Jan. 




1907 


Jan. 


1, 


1987 


" 






12,000.00 


Nov. 


16. 


1902 


Nov. 


15, 


1982 


u 






72.000.00 


Jan. 




1907 


Jan. 


1. 


1987 


«. 






40,000.00 


July 




1906 


July 


1. 


1936 


«• •« 






162,000.00 


Nov. 


15, 


1902 


Nov. 


15, 


198S 


.. .. 






29,000.00 


May 


16. 


1904 


May 


16. 


1984 


.. 






4.000.00 


May 


16. 


1908 


May 


16. 


1988 


.. 






148,000.00 


May 


16, 


1903 


May 


15. 


1988 


.« 






66,000.00 


May 


16, 


1908 


May 


15. 


1983 


f. «< 






64,000.00 


May 


16, 


1908 


May 


16. 


1928 


•• 






128,000.00 


Jafi. 




1907 


Jan. 


1. 


1937 


.. 






86,000.00 


May 


16, 


1908 


May 


16. 


1988 


.. 






9,000.00 


Sept. 




1906 


Sept. 


1. 


1935 


.. 






100.682.00 


July 




1906 


July 


1, 


1936 


.. 






22.000.00 


Jan. 




1907 


Jan. 


1, 


1987 


«. 




" 


111.000.00 


July 




1908 


July 


1. 


1988 


.« 




*• 


40,000.00 



Province of New Brunswick 

The Province of New Brunswick was separated from Nova Scotia in 
1784 and constituted an independent Province, and in 1867 entered the 
confederation of British North American Provinces. It has an area of 
27,985 square miles and a population at present officially estimated at 
868.760. comparing: with 352,889. the census of 1911. 

raODVOTXOV 
(1919) 

Annual value, asrricultural products 180,971,000 

Annual value, mineral products 1.675.606 

Annual value, fishery products 6,800,000 

Total 188,946,606 

BBTBVVB Aooomrr 

(TeMr ended Oct. 81. 1990) 

Total revenues $8,100,548.62 

Total expenditures 8,004.200.41 

262 



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BRITISH EBiPIRE— CANADA 



(As of JUj, 1981) 

Approximate assessed value of all property 1180,000,000 

Value of timber limits. Public Buildings and Farm 

lands owned by Province 60,660,000 

Annual subsidy, from the Government of the Dominion 

of Canada 688,000 

Total bonded debt $22,166,402 

Less: 

Sinking: fund 11,078.178 

St. John & Quebec Ry. Debentures 6,964,408 8,082,681 

Net bonded debt $14,183,821 



BAZ^WAT OVABJLVTBaS 

Mmr Bnmawlok ft Seaboavd 

4s, due 1940, $297,000. 
■imtlMUBptoB Ballwaj 

4s, due Jan. 1, 1942, $66,000. Interest Jan. and July in London or 
Montreal. 
Vrsdevloton U Omad Aake Goal U Ballwaj Oo. 

48, due June 1. 1962. $466,000. Interest June and December 1 at 
Montreal. 
St. John ft Quel^M BaUway 

6%s, due Feby. 16, 1934. $460,000. 

5%s. due Feby. 16. 1946. $600,000. 

4s. due June 1. 1962, $4,860,000. Interest June and December 1, in 
London or in Montreal. 

Bond Issues in Detail 

raw imUJSWlUM. 4H«. DVB 1M5 

Issued and outstandinsr $1,700,000. Dated Dec. 1, 1916. Due Dec. 1. 
1926. Interest June and Dec. 1. Principal and interest payable in srold at 
Frederlcton. St. John, Montreal, Toronto and at the Bank of Montreal, 
New York. Coupon bonds of $1,000 reglsterable as to principal. 



VBW BBUB8WZOX 10-TXAB 6s, DIHB 1986 

Issued and outstanding $600,000. Dated Dec. 1, 1916. Due Dec. 1, 
1926. Interest June and Dec. 1. Principal and interest payable at 
Frederlcton. 

VBW BBUBSWXUB 10-TBAB 6s, DIHB 1988 

Issued and outstanding $2,000,000. Dated Feb. 16, 1918. Due Feby. 16. 
1928. Denominations, $100, $600 and $1,000. Principal and interest pay- 
able Feby. and Aug. 1, at Bank of Montreal, Frederlcton, St. Johns, 
Montreal, Toronto and New York. 

BBW BBVBSWIOX 10-TBAB 6H«. BIHB 1989 

Issued $8,282,000, December, 1919, by R. A. Daly A Co., Toronto, at 
94.60 and interest. Dated Dec 1. 1919. Due Dec. 1, 1929. Principal and 
interest pasrable June and Dec. 1, in gold at Bank of Montreal^ New York, 

268 



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KIMBER'S RECORD OP GOVERNMENT DEBTS 

TorontOp Montreal, St. John. Denominations: Coupon $1,000, re^isterable 
as to principal. 

vxw BBvnwzcn: o% dbbbxtiibbs, bub isai 

Issued and outstandinsr $1,502,000. Dated July 1. 1921. Due July 1, 
1931. Interest January 1 and July 1. Principal and interest payable in 
New York City or Canada, in gold. Denomination, coupon $1,000. 

A direct oblieration of the Province and a charsre upon its greneral 
revenues. 

Offered, June, 1921. by Harris. Forbes & Co., New York, at 89.68 and 
interest, to yield 7.50 per cent. 

nw BBvnwzoi: io-tbas b^m, issa 

Issued and outstandingr $1,890,000. Dated January 16, 1922. Due Janu- 
ary 16, 1982. Interest January 16 and July 16. Principal and interest 
payable In gold at the agrency of the Bank of Montreal, New York or in 
Montreal. Toronto, St. John or Fredericton. Denomination, coupon $1,000, 
regrlsterable as to principal only. 

A direct oblieration of the Province of New Brunswick, repayable from 
its general revenue. 

Legal Investment for Savings Banks in Connecticut, New Hampshire, 
Vermont and other states. 

Offered in February, 1922, at 99 ^ by the United Financial Corporatioa, 
Montreal, Canada. 

MBW BBinniWZOK 10-TXAB 6s, J>TIM 1930 

Issued and outstanding $2,800,000. Dated May 1, 1920. Due May 1» 
1980. Interest May and November 1. Principal and interest payable In 
Toronto, Montreal, St. John or Fredericton. Coupon bonds of $1,000, 
registerable as to principal. 

Offered Mky, 1920, at 99.08 and interest to yield 6H% by Wood, 
Oundy & Co.. Toronto, and Eastern Securities Co. and J. M. Robinson 
St Son, Montreal. 



nw WmumWWlOK SO-TXAB 4s, DVB 1984 

Issued and outstanding $150,000. Interest January and July 1. 

nw BmmniwzoK is-tbab s^s, bub 1934 

Issued and outstanding $460,000, in Feb., 1919, by A. E. Ames A Co., 
at par and interest. Dated Feb. 16, 1919. Due Feby. 16, 1984. Principal 
and interest payable Feby. and Aug. 16, in gold at Bank of Montreal, 
New York, Toronto, Montreal or Fredericton. Denominations: $600, 
$1,000. Regrlsterable as to principal, or fully registerable. Purpose of 
issue, railway construction account of St. Johns A Quebec Ry. 

BBW BmUBBWA CI B. 6s, BUB JAMVMMT, 1936 

Issued and outstanding $1,750,000. Dated January 1, 1921. Due Janu- 
ary 1, 1936. Interest January and July 1. Principal and interest payable 
in gold at Fredericton, or at the Bank of Montreal, Toronto, Montreal or 
St. John, N. B. Coupon bonds of $1,000, registerable as to principal. 



264 



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BRITISH EMPIRE— CANADA 



. Issued* $760,000 for roads and $1,000,000 for electric power development. 
Underwritten by Wood, Gundy & Co., and Eastern Securities Co., Toronto, 
and National City Co., New York. 



MMfUWWWJCK SSf BUB 1987 

Issued and outstanding: $500,000. Interest February and August 1. 
Due Ausrust 1. 1937. Payable in Fredericton and New York. 



iKTOSWXCnC 6s, BUB 1938 

Issued and outstanding $800,000. Due February 16. 1988. Interest 
February and August 16 at Fredericton, Toronto, Montreal and New York. 



BBmnrwzcK 4% BBonrBBBB stoob, bvb 1949 

Issued £460,000, in May, 1909, by the Bank of Montreal, 47 Threadneedle 
Street, E. C, at 102. Principal and interest (January and July) payable 
In London. Repayable at par January 1, 1949. Sinking fund % per cent 
Stock transferable without charge and free of Stamp Duty. Outstanding 
£358,069. 

BBW BBBBSWZOK 4i^ BVB 1958 

Issued and outstanding $450,000. Interest January and July 1. Prin- 
cipal and interest payable at Fredericton. 



BB UBBWiOJL IbOAMB 

Cap. 34 Due 1928 to 1937 $146,000.00 

do 18 do 1980 148.500.00 

do 3 do 1922 to 1924 150.000.00 

do 4 do 1922 to 1924 150.000.00 

do 11 do 1932 to 1936 167,600.00 

do 14 do 1916 to 1934 39.600.00 

do 6 do 1936 to 1937 7,000.00 

do 3 do 1936 100,000.00 

do 24 do 1937 10,000.00 

do 8 do 1933 200.000.00 

do 14 do 1933 250.000.00 

do 11 do 1946 85.600.00 

do 25 do 1940 26,000.06 

do 6 do 1938 to 1947 245.000.06 

do 3 do 1938 99.280.00 

do 11 do 1939 to 1947 72,500.00 

do 31 do 1938 8,000.00 

do 34 do 1943 to 1944 77,000.00 

do 11 do 1926 100,000.06 

do 6 do 1925 11,000.00 

do 4 do 1925 48,919.00 

do 4 

do 6 do 1925 133.081.06 

do 5 do 1927 16.600.00 

do 5 do 1927 38,500.00 

S6S 



4 % 


Deb. 


45 


Vic. 


4 % 


do 


53 


do 


4 % 


do 


65 


do 


4 % 


do 


67 


do 


4 % 


do 


64 


do 


4 % 


do 


66 


do 


4 % 


do 


66 


do 


4 % 


do 


59 


do 


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do 


60 


Vic. 


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do 


59 


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do 


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Ed. VII., 


8H% 


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Ed. VII., 


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do 


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do 


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do 


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3 % 


do 


61 


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46 


do 


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do 


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do 


56 


do 


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do 


10 


Ed. VII., 


6 % 


do 


1 


Geo. v.. 






4 


Geo. V..\ 


6 % 


do 


8 


Geo. v.. 


6 % 


do 


8 


Geo. v.. 



Digitized by 



Google 



KIMBER'S RECORD OF GOVERNMENT DEBTS 

Province of Nova Scotia 

The Province of Nova Scotia was separated from New Brunswick in 
1784 and constituted an independent Province, and in 1867 entered the 
confederation of British North American Provinces. It has an area of 
21,427 square miles and a population at present officially estimated at 
525,000, comparing: with 492,888. the census of 1911. 

VMODVCTIOM 
<1M0) 

Value of field crops $47,846,550 

Value of coal production 34,000,000 

Value of steel, iron and by-products 19,720,000 

Value of fish caugrht 18,890.000 

Value of forest products 17,^90,000 

maTBVUB AOOOUVT 

Total revenues ^ $8,921,262 

Total expenditures 3,898,724 



{Am of Vorember, 1981) 

Approximate assessed value of all property $140,500,000 

Annual sudsidy from (Government of Dominion of 

Canada 686,686 

Total bonded debt 22,487,000 

Iiess: 

Sinking: Fund $1,176,094 

Halifax & Southwestern Ry 4,447,000 

Due from Dominion (Government 1,055,929 6.679,023 

Net bonded debt.... $15,807,977 

Bond Issues in Detail 

VOYJl UOOTUL 90-TBA» 3s, BUB IMa 

Issued and outstanding: $425,000. ' Dated July 1, 1902. Due July 1, 
1922. Interest January and July 1. Principal and interest payable at 
Halifax. Coupon bonds of $1,000. Bonds Nos. HOOl-425. 

VOYA UOOTUL 5-TBAB 6s, BUB 1996 

Issued and outstanding- $8,000,000. Dated May 15, 1920. Due May 15, 

1925. Interest May and November 15. Principal and interest payable in 
gold at Hsdifax, Toronto, Montreal or New York. Coupon bonds of 
$1,000. registerable as to principal. 

Oftered May. 1920, at 94.63 and interest to yield 7.80% by R. A. Daly 
& Co., and W. A. Mackenzie & Co., Toronto, and E. H. Rollins A Sons, 
Lee, Higrginson & Co., and Merrill, Oldham A (76., Boston. 

VOYA 800TZA. 10-TBAB 6s, BUB 1986 

Issued and outstanding $1,500,000. Dated July 1, 1916. Due July 1, 

1926. Interest January and July 1. Principal and interest pasrable at 
Halifax and New York. Coupon bonds of $1,000. 



266 



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BRITISH EMPIRE— CANADA 



VOYJl MWriA. 5-TBA» 6m J^Vm 1M6 

Issued and outstandingr 11.500,000. Dated April 1, 1921. Due April 1. 
1926. Interest April 1 and October 1. Principal and interest payable 
in gold in Toronto, Montreal. Halifax or New York. Denomination, coupon 
11.000, regristerable as to principal. 

A direct obligration of the Province, and a charge upon the Consolidated 
Revenue Fund. 

Offered. April, 1921. by Wood, Oundy & Co., at 98% and interest, to 
yield 7.62 H per cent. 

VOYA SOOTXA lO-TSAS 6m I^m 1988 

Issued and outstanding 11.800.000. Dated April 1. 1918. Due April 1. 
1928. Interest April and October 1. Principal and Interest payable In 
gold at Royal Bank of Canada in New York, or at Provincial Treasurer's 
office in Halifax, also at Montreal and Toronto. Coupon bonds of $1,000. 
Exempt from provincial, city, town, municipal or local taxes In Nova 
Scotia, and also from Succession Duty leviable and payable In Nova Scotia. 

VOTJl nOOTlA 10-TBA» Bm, DUB JV&T IMt 

Issued and outstanding $509,600. Dated July 1. 1919, due July 1, 1929. 
Interest January and July 1 at Halifax and New York. 

VOTJl SCM>nA 10-TBA» 6lh BVB IMO 

Issued and outstanding $2,000,000. Dated November 15, 1920. Due 
November 15, 1930. Interest May and November 15. Principal and interest 
payable In gold in Halifax and New York. Coupon bonds of $1,000, regis- 
terable as to principal. 

Offered November, 1920, at 98 H and Interest to yield '6.90% by Wm. 
A. Read A Co.. and the Dominion Securities Corporation. 

irOYA 800TXA 15-TXAB 6m l>jn 1936 

Issued and outstanding 11,800.000. Dated November 1. 1921. Due 
November 1, 1936. Interest May 1 and November 1. Principal and interest 
•payable in U. S. gold in New York, or in Canadian funds, in Halifax, 
Toronto or Montreal. Denomination, coupon $1,000. registerable as to 
principal. 

A direct obligation of the Province and a charge upon the Consolidated 
Revenue. 

Offered, October, 1921. by Kissel. Kinnicutt & Co., at par and interest, 
to yield 6 per cent! 

VOTA MM>nA 90-TBA» 60, l>Vm 1937 

Outstanding $94,000. Dated July 1, 1917. Due July 1, 1937. Interest 
January and July 1 at Halifax. Coupon bonds of $1,000. 

VOTA 800TXA SO-TBAB 3H% DBBBVTimBS, T^VH 1942 

Issued £200.000. Outstanding £171.000. Dated July 1. 1892. Due July 
1, 1942. Interest January and July 1 at London. Sinking fund of H% 
per annum is applied to purchase of bonds, at or under par, and to 
drawings in June and December for repayment at par January and July 1. 
Bonds to bearer of £600 and £100. 



267 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

VOYA 800TZA 8H«f 1>V> 1942 

Issued and outstanding: £180,400. Dated 1913. Due September SO, 
1942. Interest January and July 1, at London. 

VOYJl nOOTUL 40-TBA» 8H«f 1>V> 1945 

Issued and outstanding: £138.698-12-7. Dated May 15. 1906. Due May 
16, 1945. Interest May and November 15, at Liondon. 

VOYJl SCM>nA 40-TSAm 3H«f BVB 1946 

Issued and outstanding: £62,465-16-1. Dated May 1. 1906. Due May 
1. 1946. Interest May and November 1, at London. 

VOTA nOOTUL 6a-TBA» 8% BTOOX, DVB 1949 

Issued and outstanding: £164,000. Dated July 1. 1899. Due July 1, 
1949. Interest January 1 and July 1. A sinking: fund is provided which 
may be employed in purchasing: stock. Transferable at the National 
Provincial and Union Bank of Eng:land. Limited, 15 Blshopsgate, K C. 2, 
in any amount free of charge. Certificates to bearer of £60, £100 and 
£500, issued on payment of 15 per cent., and may be re-exchang:ed for 
reg:istered certificates, without fee. Free of stamp duty. 

Offered in July, 1899. at average price of £96 168. 6d. 



VOTA SOOTXA BO-TZAB 3^% BSDXSMABUB STOCK, I^Vm 1964 

Issued and outstanding £660,000. Dated July 1, 1904. Due July 1, 
1954. at par, with Government right of redemption at par at any tim« 
on 12 months* notice. Sinking fund began in 1908 at rate of 1% per 
annum. Interest January and July 1. at London. 

Transferable at National Provincial and Union Bank of England in 
any amount, without charge. Certificates to bearer, coupons attached, of 
£100, £500 and £1.000 issued upon payment of 15 per cent., and re- 
exchanged free* of charge. Free of stamp duty. 

Offered in June, 1904, at 94 per cent flat. 

VOTA SOOTXA 4^% OOVSOUBATXD STOOX, J^VH 1964 

Issued and outstanding £760,000. Dated May 1, 1914. Due May 1, 
1964, at par, with Government right of redemption at par any time after 
May 1, 1934, on six months' notice. Sinking fund of 1% per annum 
began In 1917. Interest May and November 1. at London. Transfer and 
issue of certiflcates, same as £650.000, 8H% Loan. 

Offered in April, 1914, at the fixed price of 99 per cent 

Province of Ontario 

The Province of Ontario, was known as Upper Canada from 1791 
until 1867, when it became one of the four constituent provinces of the 
Dominion of Canada. It has an area of 407,262 square miles and a 
population at present officially estimated at 2,820,000, comparing with 
2,523,274, the census of 1911. 

PBODVOTZOV 
(1919) 

Annual value, agricultural products 11,462,437,500 

Annual value, fishery products 8.000.000 

Annual value, mineral products 57,482,113 

Total $1,612,919,613 

268 



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BRITISH EMPIRE — CANADA 



MXVMMVM AOCOUVT 
(Tmt «id*d Oct. 81, 1991) 

Total ordinary revenues $29,261,477 

Total ordinary expenditures St»57f,Ct7 

FZVJjrOXAI. STATXMEHT 
(As of Jaanary, 1922} 
Approximate assessed value of all property taxable. .$2,054,212,000 
Provincial assets, including: cash, sinking: funds, 
8:overnment building:s, crown lands, water 

power, etc (October 81, 1921) 716,601.479 

Annual subsidy from Dominion of Canada Govern- 
ment 2,896,878 

Total bonded debt 196,698,426 

Less: 

Sinking: Fund $ 2,568,240 

Other assets including: revenue pro- 
ducing: securities 126,566,970 129.185.210 

Net bonded debt $67,658,210 

WLAUbWAT qvamamtwem 

Oanadlan Vorthem Ontario Baflway 

8%% Debenture Stock (Due £245,675, July 10, 1986. and £1,369.898, 
June 30, 1938), £1.615.068. Interest on 3%s of 1986, March 31 and Sept 
80; on 8H« of 1938, June 30 and Dec. 80, in Ltondon and Toronto. 

Perpetual Consolidated 4% Stock, £1,866,499. Interest April and Octo- 
ber 2, in Liondon and Toronto. 



Bond Issues in Detail 

OVTABZO 6-TBA» 6s, T^VH 1933, flRBKZBS "P" 

Issued and outstanding: $1,000,000. Dated January 1, 1917. Due Janu- 
ary 1, 1928. Interest January and July 1. Principal and interest payable 
in gold In New York or Toronto. 

OVTABZO 3-TXAB tfl, DVB 1923 

Issued and outstanding: $8,000,000. Dated Oct. 1, 1920. Due Oct. 1. 

1923. Interest April and October 1. Principal and interest payable at 
Toronto, Montreal and New York. Coupon bonds of $1,000, reglsterable as 
to principal. 

Offered October, 1920, at 97.84 and interest to yield 7% by Halsey, 
Stuart & Co., First National Bank, Detroit, and Aemilius Jarvis & Co., 
Toronto. 

OBTABZO 5-TBAB 5^0, I^m 1934, 8BBIES "BB" 

Issued and outstanding: $3,000,000. Dated Aug:. 15, 1919. Due Aug. 15. 

1924. Principal and interest payable Feb. and Aug. 15, in gold at agency 
of Bank of Montreal, New York, or office of Treasurer of Ontario, Toronto. 
Denomination: $1,000. Registerable as to principal. Underwritten b> 
First Trust and Savings Bank, The Merchants' Loan & Trust Co., Con- 
tinental & Commercial Trust & Savings Bank and Illinois Trust & 
Savings Bank, Chicago. 

269 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



OVTABZO 6-TZAm 6H«f BVB 1985, BSBIBS "JJ^ 

Issued and outstanding: $6,000,000. Dated March 1, 1920. Due March 
1, 1925. Interest March and September 1. Principal and interest payable 
In gold at the Agrency of Bank of Montreal in New York, or at the Offloe 
of the Treasurer of Ontario, at the option of the holder. Coupon bondii 
of 11,000, registerable as to principal. 

Offered March, 1920, at 93.76 and interest to yield 7% by Harris, 
Forbes & Co.. New York, and Continental and Commercial Trust & 
Savings Bank, Harris Trust & Savlngrs Bank, and Halsey, Stuart & Co.. 
Inc., ChicafiTO. 



OVTABXO B-TMAM 6s, I^Vm 1996, SBBIBS <<UEi» 

Issued and outstanding: $6,800,000. Dated April 16, 1920. Due April 
16, 1925. Interest April and October 16. Principal and interest payable 
in g:old in New York or Toronto at holder's option. Coupon bonds of 
$1,000. reg:isterable as to principal. 

Offered April, 1920, at 95 and interest to yield over 7.20% by A. K 
Ames & Co., and Wood, Oundy & Co., Toronto, Clark, Dodg:e A Co., E. H. 
Rollins & Sons, Wm. R. Compton Co., New York, and First National 
Bank, Detroit. 



OHTABZO 10-TBA» 4^8, J^VH 1996, SXBZSS "Xi" 

Issued and outstanding: $4,000,000. Interest (May and November) pay- 
able in gold in Toronto and New York. Dated May 1, 1915. Due May 
1, 1926. Issued by A. E. Ames & Co., and Wood, Gundy & Co., in April, 
1915, at 98. Subject to succession duties. Denomination: $1,000. Prin- 
cipal may be re^stered. Optional in whole but not in part on 60 days' 
notice on and after May 1, 1918. 

OVTABZO lO-TSAm 4s, BUB 1996, SSBIBS "M" 

Issued and outstanding: $8,350,000. Dated March 1. 1916. Due March 
1, 1926. Interest payable March and Sept 1, in g:old in New York City, 
Toronto and London. Denomination': $1,000. Reg:isterable as to principal. 
Purpose of issue, purchase of certain Water Powers. 

OHTAmxO lO-TZAB 68, I^m 1996 

Issued and outstanding: $4,000,000. Dated June 1. 1916. Due June 1, 
1926. Principal and interest (June and December 1) payable in g:old in 
Toronto. New York and London. Issued at 101% in June, 1916, by 
National City Bank and Halsey & Co. Denomination: $1,000. Subject to 
succession duties. 

OVTABZO lO-TZAB 68, T^JTE 1996, 8BBZBS "W 

Issued and outstanding: $2,000,000. Dated Dec. 1. 1916. Due Dec. 1. 
1926. Principal and interest (June and December 1) payable in g:old in 
Toronto and New York. Issued by Campbell, Thomson in December, 1916, 
at 100. Denomination: $1,000. Subject to succession duties. 

OVTABZO 10-TBAm 68, J^VH TUIbT, 1997 

Outstanding $227,000. Dated July 2. 1917. Due July 2, 1927. Interest 
January 2 and July 2 In g:old at Provincial Treasurer, Toronto, or the 
Agency of the Bank of Montreal, New York. Coupon bonds of $1,000. 
registerable as to principal. 



270 



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BRITISH BMiPIR£>— CANADA 



OVTABZO 7-TBA» 6lh 1>VB 1987 

Issued and outstanding- $6,000,000. Dated November 16, 1920. Due 
November 16, 1927. Interest May and November 16. Principal and 
interest payable at the Office of the Treasurer of Ontario, Toronto, the 
Bank of Montreal, Montreal, or at the Agency of the Bank of Montreal. 
New York, at the option of holder. Coupon bonds of $1,000, regristerable 
as to principal. 

Offered November, 1920, at 94.54 and interest to yield 7% by R. C. 
Matthews & Co., Toronto. A. E. Ames A Co. and Wood, Gundy St Co., 
New York, and Illinois Trust & Savingrs Bank, Chicago. 



OVTABZO 10-TBAB 9b, J^VH 1988, SBBIB8 '^T-V 

Issued and outstanding $3,000,000. Dated February 1. 1918. Due 
February 1, 1928. Interest payable February and August 1 in New York, 
Montreal, Toronto and Winnipeg in gold. Series T-U. Underwritten by 
A. S. Ames A Co., Wood, Qundy & Co., and Dominion Securities Corp., 
Toronto. 

OVTABZO 10-TBA» 6s, T^VH 1938, 8BXZSS "T-W-Z'* 

Issued and outstanding $4,250,000. Due May 15, 1928. Dated May 16, 
1918. Interest payable May and November 16 at Toronto, Montreal and 
New York in gold. Denomination coupon, $100, $600 and $1,000. Regis- 
terable as to principal. Registered bonds may be exchanged for coupon 
bonds. 



OVTABZO 10-TXAB 6s, I^m 1988, BSBIBS "T" 

Issued and outstanding $1,760,000. Dated August 15, 1918; due August 
16, 1928. Interest February and August 16. Principal and interest pay- 
able In gold at Toronto, Montreal and New York. Coupon bonds of $100, 
$500 and $1,000, registerable as to principal and interchangeable. 

OVTABZO lO-TBAB 5H«f BVB 1999, SBKZSS "TT" 

Issued and outstanding $4,000,000. Dated September 23, 1919. Due 
September 23, 1929. Interest March and Sept. 23. Coupon bonds, with 
privilege of registration, in the denomination of $1,000. Principal and 
interest payable at office of Provincial Secretary-Treasurer, or at the 
agency of the Bank of Montreal, New York. Offered in December, 1919, at 
a price to yield investor 5%% by a syndicate composed of the Dominion 
Securities Corporation, Ltd., A. R Ames & Co., and Wood, Oundy & Co. 



OVTABZO 10-TSAB 6H9i BVB 1989, 8BBZS8 "OCP' 

Issued and outstanding $3,000,000. Dated Dec. 1, 1919. Due Dec. 1, 
1929. . Interest March and September 1. Principal and interest payable In 
gold in New York or Toronto. 

OVTABZO 10-TSAB DBBSVTVBB 6H9> BVB 1930, 8BBZB8 <'KK" 

Issued and outstanding $3,000,000. Dated January 1, 1920. Due Janu- 
ary 1, 1930. Coupon bonds, registerable as to principal, in denomination 
of $1,000. Interest payable semi-annually Jan. and July 1, in gold in 
Toronto and New York. Offered for subscription at 94 H» to yield 6.30%. 

271 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



OVTABXO lO-TSAS tfl, DVB 1930, 

Issued and outstanding: $8,000,000. Dated June 16, 1920. Due June 16, 
1930. Interest June and December 16. Principal and Interest payable in 
cold at Montreal or Toronto, at holder's option. Coupon bonds of $l,ttt, 
recisterable as to principaL 

Offered June, 1920, by A. E. Ames A Co., Wood, Qundy & Co. and 
Dominion Securities Corporation. Toronto. 



OVTABZO 15-TBA» tfl, I^m 1936, WEMXEM ''KX" 

Issued and outstanding 12.000.000. Dated April 1, 1920. Due April 1, 
19S5. Interest April and October 1. Principal and interest payable in 
gold at the Office of the Treasurer of Ontario, Toronto, or at the Bank 
of Montreal, Montreal, at the option of holder. Coupon bonds of $1,000, 
regristerable as to principal. 

Offered April. 1920. at 102 and interest to yield 6.80% by R. C. 
Matthews & Co. and Hanson Bros., Toronto. 

OVTAXZO 15-TSAm 6«, l>jn 1935 

Issued and outstanding $16,000,000. Dated December 1, 1920. Due 
December 1, 1986. Interest June and December 1. Principal and interest 
payable in gold at the Office of the Treasurer of Ontario, Toronto, or 
at the Bank of Montreal, Montreal, or Winnipeg, at the option of holder. 
Coupon bonds $600 and $1,000, registerable as to principal. 

Offere^^ December, 1920. at 94.34 and interest to yield 6.60% by A. E. 
Ames & Co.. R. A. Daly & Co., R. C Matthews & Co., Aemillus Jarvis & 
Co.. Dominion Securities Corporation, United Financial Corporation, and 
other flrmfl. 

OVTABZO 40-TBA» 48, I^Vm 1936 

Issued £620,000. Principal and interest (May and November 1st) in 
London and Montreal. Dated May 1, 1896. Due May 1, 1986. Issued in 
May, 1896. Outstanding 1920. £60.000. 

OVTABZO 3H % BOITDS AXTD STOCK, DVB 1926-1936 

Issued and outstanding $3,000,000. Interest (January and July) pay- 
able In Toronto. Due $1,500,000, July 1. 1926. and $1,600,000, July 1. 1936. 
Free of succession duties. Denomination: $1,000. Issued for T. & N. O. 
Ry. 

OVTABZO 15-TBAB 60, BVB 1936 

Issued and outstanding $5,000,000. Dated May 2. 1921. Due May 2, 
1936. Interest May 2 and November 2. Principal and interest payable 
In gold at Treasurer's office, Toronto, or at the Bank of Montreal, Montreal. 
Denominations, $500 and $1,000, registerable as to principaL 

A direct obligation of the Province and a charge upon the (>>n8oltdated 
Revenue Fund. 

Offered. May. 1921, by Wood. Oundy & Co., at 99.60 and interest, to 
yield 6.06 per cent. 

OBTABZO 15-TBAB 6Hs, 1937 

Issued and outstanding $16,000,000. Dated January 8, 1922. Due 
January 3. 1937. Interest January 3 and July 3. Principal and Interest 

272 



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BRITISH EMPIRE— CANADA 



pasrable In grold or lawful money of Canada at Toronto or Montreal or In 
ffold coin of the United States at the aerency of the Bank of Montreal in 
New York. Denominations, coupon $1,000, regrlsterable as to principal only. 

A direct obligation of the Province of Ontario, but not spedflcally 
secured.' A sinkiner fund is provided for the retirement of all of the 
Provincial Funded Debt. 

Legal investment for Savings Banks and Trust Funds In Connecticut* 
New Hampshire and Vermont. 

Offered in January, 1922, at 99% by Aemilius Jarvis ft Ca In Canada 
and Kissel, Kinnicutt A Co. and others, in the United States, at 99% and 
interest 

OVTABZO 4% BOITDB AVB STOCK, DVB 1930, BBBXBS ''A" 

Issued and outstanding $3,500,000. Interest (June and December) 
payable in Toronto and New York and Montreal. Dated June 1, 1910. 
Due June 1, 1939. Issued by the Province, in 1910 at 101 H. Free of 
succession duties. Issued as bearer coupon bonds (registerable as to 
principal) In denominations of 11.000 or as registered stock (interest 
payable by cheque) in multiples of |50. Sinking fund H% annually. 

OmTAMtO 4% BOVB8 AXTD 8TOCK» BVB 1938 

Issued and outstanding $1,160,000. Interest (June and December) 
payable in Toronto and Montreal. Issued by the Province in 1909 at 101. 
Dated June 1, 1909. Due' June 1. 1989. Subject to succession duties. 
Denomination: $1,000 and $50. One-half in coupon and one-half in regis- 
tered stock. Issued for T. & N. O. Ry. Sinking fund ^% annually. 

OBTABXO Qf^TMAM ffl, BVB 1941 

Issued and outstanding $10,000,000. Dated February 1, 1921. Due 
February 1, 1941. Interest February and August 1. Principal and interest 
payable in Winnipeg, Toronto or Montreal, at the option of holder. Coupon 
bonds of $500 and $1,000, registerable as to principal. 

Offered February, 1921, at 98.29 and interest to yield 6.16% by the 
United Financial Corporation, Limited, and A. E. Ames & Co. 



OBTABXO 4% BOVBB ABB STOCK, BVB 1941, 

Issued and outstanding $500,000. Dated May 1, 1911. Due May 1, 1941. 
Principal and interest (May and November), payable in Toronto, New York 
and Montreal. Issued by the Province in 1911 at 101%. Free of succes- 
sion duties. Denomination: $1,000 and $50. One-half for Algonquin Park. 
Issued as bearer coupon bonds (registerable as to principal) in denomina- 
tions of $1,000 or as registered stock (interest payable by cheque) in 
multiples of $60. Sinking fund %% annually. 



CnrTABXO 4% BOBB8 ABB STOCK, BUB 1941, 8BBZBS "C-B" 

Issued and outstanding $8,000,000. Dated Nov. 1, 1911. Due Nov. 1, 
1941. Principal and Interest (May and November) payable in Toronto, 
Montreal and New York. Issued by the Province in 1911 at 101%. Free 
of succession duties. Denomination: $1,000 and $60. Issued as bearer 
coupon bonds (registerable as to principal) In denominations of $1,009 
or as registered stock (interest payable by cheque) in multiples of $50. 
Sinking fund %% annually. 



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KIMBBR'8 RECORD OF GOVERNMENT DEBTS ^ 

OVTABZO 98-TBAm 60, DVB 1943 

Issued and outstanding: $5,000,000. Dated September 15, 1921. Due 
September 15. 1948. Interest March 15 and September 15. Principal and 
interest payable at the agrency of the Bank of Montreal, New York, in 
U. S. grold, or at the Treasurer's office Toronto, or Bank of Montreal, 
Montreal in Canadian grold. Denomination, coupon 11.000, regristerable as 
to principal. 

A direct obligation of the Province and a chargre upon the Consolidated 
Revenue Fund. 

Offered, September. 1921, by Lee, Higrgrinson A Co., Bankers Trust Co.. 
K H. Rollins & Sons, Spencer Trask & Co.. and Clark. Dodge & Co., at 
99 and interest, to yield about 6.10 per cent. 

OVTABZO QO-TMAM 6s, DVB 1943 

Issued and outstandingr $10,000,000. Dated September 16, 1921. Due 
September 16. 1948. Interest March 15 and September 15. Principal and 
interest payable in grold at Treasurer's office, Toronto, or at the Bank 
of Montreal, Montreal, or Winnipegr. Denominations, coupon $500 and 
$1,000, regristerable as to principal. 

A direct obligation of the Province and a charge upon the Consolidated 
Revenue Fund. 

Offered, September, 1921, by A. E. Ames Co., and R. A. Daly A Co., 
at prices to yield 6.05 and 6.10 per cent. 



OBTABZO 8H% nracnUBBD STOCK, l>Jn 1946 

Issued £1,200,000. Dated Jan. 1. 1906. Principal and interest (January 
and July) payable in London. Issued at 98% by the Bank of Montreal in 
London in 1906. Free of succession duties. Denomination: £1. Repay- 
able at par January 1, 1946. Issued for Temiskaming A North Ontario 
Railway, Sinking fund H% annually. Outstanding 1921. £417,516. 

OWTAMXO 4% mOBZBBD STOOX, l^JTE 1947 

Issued £1,640,648. Principal and interest (May and November) payable 
in London. Issued in London by the Bank of Montreal in April, 1909, 
and June, 1911, at 102 and 101. Free of succession duties. Repayable at 
par May 1, 1947. Denomination, £1. Issued for Temiskaming A North 
Ontario Ry. Sinking fund Vk% annually. Outstanding 1921, £714,866. 



OIVTABZO SO-TBAm 6s, DVB 1962 

Issued and outstanding $15,000,000. Dated April 1. 1922. Due April 
1, 1952. Interest April 1 and October 1. Principal and interest payable 
at the agency of the Bank of Montreal. New York in United States gold 
coin, or at the office of the Treasurer of Ontario, Toronto, in grold coin of 
the Dominion of C^anada. Denomination, coupon $1,000. regristerable as 
to principaL A direct and primary obligation of the Province. 

Offered, April. 1922, by Dillon, Read & Co., Harris, Forbes A Co., Na- 
tional City Co., and Guaranty Company of New York, at 99% and interest, 
to yield about 5.05 per cent. 



OIVTABXO 4H% BBOXSTBBBD STOOX, liVM 1964 

Issued and outstanding £1,220,817. Due Jan. 1, 1964. Principal and 
interest (January 1 and July 1) |n London. Issued in January, 1919, 
£400.600 and July, 1914, £820,217. Listed in London. Sinking fund. Stock 
transferable free of stamp duty. 



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BRITISH BMiPIRE— CANADA 



OHTABZO 4H% nreCnUBBD STOCK, DVB 1945-1966 

Issued £1,000,000. Principal and interest (January and July) payable 
In London. Principal to be repaid at par January 1, 1965, or at option 
of Government at par on or after January 1, 1946, on three months' 
notice. Issued in London by the Bank of Montreal in July, 1914, at par. 
Free of succession duties. Denomination £1. £1,000,000 origrinally offered, 
but balance was cancelled on account of moratorium. Outstanding: 1921, 
£839.700. Sinkiner fund %% annually. 



Ontario Hydro Electric (Commission 

The Hydro Electric Power Commission of Ontario is a Municipal 
Corporation created by the Government of the Province of Ontario in 
1910. It is constituted for the purpose of directing: and manag:ing: the 
provincially owned Lig:ht and Power Systems, including: greneratlng: works 
at Niag:ara Falls and distributing: systems throug:hout the various parts 
of the Province, working in co-operation with municipal distributing: plants 
in the various cities and towns. The Commission furnishes electric Iig:ht 
and power to 143 Ontario municipalities serving: a population of over 
170,000. The members of the Commission are appointed by and are 
directly responsible to the Government of the Province of Ontario, and 
the bonds issued by The Hydro-Electric Power Commission of Ontario are 
a full and definite obligration of the Province of Ontario. 



OVTABXO 90-TBAm DBBBHTUBB 6s, J^VH 1941 
(Kjdxo Bleotrlo Power Oommlssloii of Ontario) 

Issued and outstanding: $8,800,000. Dated June 24, 1921. Due Jime 24. 
1941. Interest June and December 24, payable* in g:old in Toronto or 
Montreal. Coupon bonds of $600 and $1,000, registerable as to principal. 
Guaranteed as to principal and interest by the Province of Ontario. Sink- 
ingr fund of one per cent per annum to accumulate until maturity of the 
bonds. 

Offered June. 1921. at 97.17 to yield 6.26% by A. E. Ames & Co. 



OVTABZO 4a-TBA» BBBSVTUBS 4S, DTO 1967 
{MjdtQ Bleotrlo Power CkmnnlssJon of Ontario) 

Issued and outstanding: $8,000,000. Dated Aug:ust 1, 1917. Due Aug:ust 
1, 1967. Interest February and Aug:ust 1, payable in g:old, in Toronto or 
Montreal, or at the Agency of the Bank of Montreal, New York, or in 
sterlingr at the ofBce of the Bank of Montreal, in London. Coupon bonds, 
of $1,000 (£206-9s-7d); registerable as to principal. Guaranteed as to 
principal and interest by the Province of Ontario. 

The Hydro-Electric Power Commission was created by the Government 
of the Province of Ontario, and has invested in it valuable assets for the 
production and distribution of electrical energy. The Debentures are 
issued under the authority of an Act of the Province of Ontario, entitled 
the Power Commission Act. 1917. They are guaranteed absolutely as to 
Principal and Interest, by endorsement on each Debenture, by the Province 
of Ontario (R. S. O. 1914. Cap. 89. 7 George V.. Cap. 20). 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

OIVTABXO 40-TBA» BSBBVTUBa 4H«i BVB lf60 
(Xydro BUetrlo Power Oonunlssion of Ontario) 

Issued and outstanding: 11.230.000. Dated April 1, 1920. Due April 1, 
1960. Interest April and October 1. payable in ffold. in Toronto or 
Montreal. Coupon bonds of 11.000, regristerable as to principal. Guaran- 
teed as to principal and interest by the Province of Ontario. 

Offered April. 1920. at 76.88 to yield 6.05% by A. E. Ames A Co. 

OIVTABXO 40-'nAm DXBBVTUma 6m l>JrE 1961 
(Xydro Bleotrlo Power Oom mission of Ontario) 

Issued and outstandlnir 1500,000. Dated July 1, 1921. Due July 1. 1961. 
Interest January and July 1. payable in srold in Toronto. Coupon bonds 
of $1,000. regristerable as to principal. Guaranteed as to principal and 
interest by the Province of Ontario. 

Offered January. 1922. at 109.76 to yield 5.40% by A. E. Ames & Co. 



Province of Prince Edward Island 

The Province of prince Edward Island entered the Confederation <tf 
the Dominion of Canada on July 1, 1873. It has an area of 2,184 square 
miles and a population of 93.728, according: to the census of 1911. 
PBODVUTiOM 
(1919) 

Annual value of field crops (1920) $18,680,400 

BBTSVUB ACCOmfT 
(1990) 

Total ordinary revenues $706,476.89 

Total ordinary expenditures 659,516.03 

TimAMOlAlB STATXMXHT 
(Am Of Deo. 31, 1991) 

Total bonded debt $858,000 

Less: Sinkingr Fund 211.443 

Net bonded debt $646,657 

Bond Issues 

(Payable at OhazlottetowB) 
3H% 1>VS DSC. 1, 1993 

$18,000. — Issued in 1898. Denomination. $1,000. Sinking fund. 

3H% 1>VB JUn 1, 1994 

$17.000. — Issued in 1899. Denomination. $1,000. Sinking fund. 

3H% BVS DSC. 1, 1930 

$48.000. — Issued in 1900. Denomination, $1,000. Sinking fund. 

4% DVS APmXL 1, 1939 

$500,000. — Issued in 1909. Denomination, $1,000. Sinking fund. 

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BRITISH EMPIRE— CANADA 



4% DVB OOT 1, 1988 

$40,000. — Issued in 1908. Denomination, $1,000. Sinking fund. 

4% BVB OOT. 1, 1841 

$10,000. — ^Issued in 1908. Denomination, $1,000. Slnkinsr fund. 



W<m SDWABD JBXbAWD 10-TBA» em, DUX 1981 

Issued and outstanding: $126,000. Dated December 1, 1921. Due De> 
cember 1, 193^1. Interest June 1 and December 1. Principal and Interest 
payable at Bank of Montreal, Charlottetown, Montreal or Toronto. De- 
nomination. $1,000, regristerable as to principal. 

Issued under the Highway Improvement Act,- provision being: mad« 
for a sinking: fund to accumulate agrainst maturity of this issue. 

Offered, Octcober. 1921, by A. E. Ames & Co. 



Province of Quebec 

The Province of Quebec entered into the union of the four origrlnal 
provinces, in 1867, which formed the Confederation of the Dominion of 
Canada. It has an area of 703,653 square miles and a population at 
present officially estimated at 2,500,000, comparljtg: with, 2,003.282, the 
census of 1911. 

PBODVOTXOM 
(1919) 

Annual value, industrial products $900,458,967 

Annual value, a^cultural products 307,994.000 

Annual value, dairy products 81,000,000 

Annual value, forest products 40,761,780 

Annual value, paper products 84,167.987 

Annual value, mineral products 20,701,005 

Annual value, flshei les 3.414,378 

Annual value, maple products 6,896,535 

Annual value, tobacco production 7,200,000 

BBTBOTB ACOOmVT 

(Tear tfided JtiiL« 30, 1981) 

Total ordinary revenues $16,914,521 

Total ordinary expenditures 14,624,088 

FZVJJrCZAZi STATEMEVT) 
(As of Jtue, 1921) 

Approximate assessed value of all taxable property. .$1,377,025,464 

Total bonded debt 45,852.114 

Less: 

Sinking fund $2,328,998 

other available assets 4,680.997 7,009,995 



Net bonded debt $38,842,119 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 



IbOAMB OVABAHTBBD BT TKB FBOTXVOB or QUBBBO 

The followiner bond Issues are guaranteed by the Province of Quebec 
which holds as security in each case a mortgage on the property, except 
for the Hull Court House bonds and the City of three Rivers Fire Lioan 
debentures. 
Montreal & Western Railway Co. 

Bonds due in 9 annuities |S6S,000 

Protestant Hospital for the Insane. 

Montreal, Bonds 4%% due June 9, 1922 66.000 

** May 1, 1929 76,000 

" Sept 8, 19S2 186,000 

l^eauport Lunatic Asylum Bonds.... 4^% " June 29, 1928 90,000 

Hull Court House Bonds 4% " 72.600 

li'Ecole des Hautes Etudes Commer- 

ciales de Montreal 4% ** Jan. 1, 1949 800,000 

Montreal Technical School 4% " Dec. 1, 1949 700,000 

6% " 76.000 

Quebec Technical School 4% " May 1. 1960 500.000 

City of Three Rivers "Fire Loan 

Debentures" 4%% " May 1,1959 400.000 



Bond Issues in Detail 

QITBBBO (FBOTXVOB) 6s, BUS JTOB, 1920 AHD 1930 

Issued and outstandingr $2,600,000. Dated June 1, 1920. Due June 1, 
1926 and June 1, 1980. Interest June and December 1. Principal interest 
payable at the Bank of Montreal, at Montreal, Quebec and Toronto. 
Offered by A. E. Ames & Co. at par and interest. 

QUBBBO (FBOTXBOB) 5-TBAB ts, BVB XABCX, 1985 

Issued and outstanding: 17.000.000. Dated March 1. 1920. Due March 
1, 1925. Interest March and September 1. Principal and interest payable 
in gold at the Agrency of the Bank of Montreal. New York, or in Montreal. 
Coupon bonds of 11.000, registerable as to principal. Exempt from 
taxation imposed by the Province of Quebec includingr any income, 
municipal and school taxation. 

Offered March. 1920, at 96.84 and interest to yield 7% by Wood. Oundy 
A Co., Harris, Forbes A Co., and National City Co., New York. 

QITBBBC (FBOVZBOB) 5-TBAS 6s, BUB JUflfB, 1996 

Issued and outstanding: $2,500,000. Dated June 1. 1920. Due June 1, 

1925. Interest June and December 1. Principal and interest payable at 
the Bank of Montreal, at Montreal. Quebec and Toronto. Coupon bonds 
of $100. $500 and $1,000. 

Offered June, 1920. at par and interest by the Bank of Montreal. 

QUBBBO (PmOTXBOB) lO-TBAB 6s, l>m 1996 

Issued and outstanding: $4,000,000. Dated June 1. 1916. Due June 1, 

1926. Principal and interest (June 1 and December 1) paycLble in grold 
in New York, Montreal and Quebec. Issued in June. 1916, by Brown Bros. 
A Co.. Harris Forbes & Co. and National City Co. at 100%. Denominations, 
$1,000. 

976 



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BRITISH BMPIRE>— CANADA 



■O (BUOYIMOB) 4a-TBA» 4«, DVB 19S8 

Issued £722.000. Principal and interest (January 1 and July 1). Dated 
Jan. 1, 1888. Due Jan. 1, 1928. Payable in London and Paris. Issued at 
par in January, 1888. by the Credit Lyonnais. Denomination, £100. £200. 
£600 and £1.000. Listed in London. May be fully registered. Out* 
•tandinsT £664.000. 

QUSBBO (VBOrarOB) 40-TSAm 40, DUX 1984 

Issued £600.000. Principal and interest (March and September), at 
British Linen Bank. London. Dated March 1. 1894. Due March 1, 1984. 
Payable in London and Montreal. Issued by Coates at 97 H in March, 
1894. Denomination. £100. Listed in London. Outstandingr £520,000. 

QUBBSO (VmOnVOB) 4s, BUB XAT, 1938 

Issued £620,000. Outstandinfir £60.000. Dated May 1. 1896. Due 
May 1. 1986. Interest May and November 1 at London or Montreal. 

QVBBBO (PmOTnrOB) aO-TMAM 6m BVB 1988 

Issued and outstanding $125,100. Dated May 1, 1916. Due May 1, 
1986. Principal and interest (May 1 and Nov. 1). payable in gold in 
Quebec and MontreaL Issued in May, 1916. Loan subject to redemption 
on May 1, 1919, or any interest date thereafter at par and interest. 

QUBBBO (FBOTnrOB) BIBZZBO TTOB 6HBf BVB 1988 

Issued and outstanding $1,000,000. Dated May 1. 1921. Due May 1, 

1986. Interest May 1 and November 1. Principal and interest payable 
at Bank of Montreal, Montreal, Quebec or Toronto. May be redeemed at 
par and interest at any time after May 1. 1926. Free from any taxes 
imposed by the Province of Quebec Succession Duties Act. Denomina- 
tions, coupon $100, $500 and $1,000. registerable as to principal. 

A direct obligation of the Province and a charge upon the general 
revenue. 

Offered by Rene T. Le Clerc, Montreal and Quebec, at 98 and accrued 
interest, to yield from 6.70 to 5.97 per cent. 

QUBBBO (BBOrorOB) 3% nr S OB l B BB STOCK, BVB 1987 

Issued and outstanding $1,860,000. Dated Aprtl 1. 1897. Due April 1, 

1987. Principal and interest (April and October let), in Loudon and 
Montreal. Issued in April. 1897. 



OVBBBO (VBOrarOB) 8% nr S OB l B BB STOOK, BVB 1987 

Issued and outstanding $9,286,061. Dated April 1, 1897. Due April 
1, 1987. Principal and interest (April and October 1st) in London. Issued 
by the Bank of Montreal at 98 H in April. 1897. Listed in London. 
Sinking fund. 



QVBBBO 4H% BBOBRBBBB STOCK, BVB 1948 

Issued and outstanding $1,661,000. Dated June 1. 1916. Due June 1. 
1946. Principal and interest (June 1 and Dec. 1), payable in Quebec and 
Montreal. Issued in June, 1916. Sinking fund. Free from taxes of 
Quebea 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

QirSBBO (PmOTZVOX) 4Hs, 1913-1954 

Issued and outstandingr £400,600. Dated January 1, 1918; due January 
1. 1964. Interest January and July 1. All payments In tK>ndon. 

QVWMmO (PBOTXVOX) 4Hs, 1914-1964 

Issued and outstandingr £820,217. Dated January 1, 1914; due January 
1, 1954. Interest January and July 1. All i>aynients In London. 



QVBBBo inanmamy eo-TSJkm s% Dim i966 

Issued and outstandlngr Fes. 27.632,000. Principal and interest (Janu- 
ary and July 20), at Credit Lyonnais, London and in Paris. Dated Jan. 
20, 1895. Due Jan. 20, 1955. I*ayable in Paris or liondon. Issued by 
Credit Lyonnais at 427 H francs in December, 1894. Denomination, 500 
francs. Optional on six months* notice after January 20, 1905. Purpose, 
to refund a loan previously made in Paris. 



Province of Saskatchewan 

The Province of Saskatchewan was formed on January 28, 1905, from 
a part of the Northwest Territories. It has an area of 251,700 square 
miles and a population at present offlcially estimated at 888,267, comparinc 
with 647.885, the census of 1916 and 492,482, the census of 1911. 

FBODVOTZOV 

Annual value, agn*icultural products $550,641,471 

Annual value, forest and flshery products 8,066,787 

Annual value, mineral products 852,692 

Total 1554,560.900 

MMTMMJiM Aooomrr 

CTear ended AprU 30^ 1921) 

Total ordinary revenues $11,789,919.98 

Total ordinary expenditures 12,151,665.88 

nVAVOZAXi 8TATSMSVT 
(Am Of August, 1921) 

Approximate assessed value of all property $200,000,000 

Provincial assets 106.844,594 

Annual subsidy from the Dominion of Canada 

Government 1,753,075 

Total bonded debt 46,841.000 

Less: Sinkingr fund, and revenue producingr securi- 
ties 25,099,000 

Net bonded debt 21,242,000 

SAZ&WAT OVAmAlTTBZB 

Oaaadian Voztliem BaUway 

First Mortgage 4% Debenture Stock, Due Jan. 23, 1939, £1,650,000 
Interest June and December 1, in London. 

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BRITISH empire:— CANADA 



Chrand Tmuk Faolflo Braaoh Unas Oo. 

First Morterasre 4% Bonds, Due Feby. 26, 1989. £2,032.800. Interest 
May and November 1. in London. New York and Montreal. 

Terminal 4^% Bonds. Due 1948. $1,881,792. Interest May and Novem- 
ber 1. In London. New York and Montreal. 



Bond Issues in Detail 



BABKATCMMWAM 10-TBJkm 4m, DUS IMS 

Issued £1.000.000 ($4,866,500) in London in April. 1918. at 96 by th« 
Canadian Bank of Commerce. Dated July 1. 1918. Due July 1. 1928. 
Principal and interest payable (January and July) in London. New York. 
Toronto and Regrina at the exchangre of $4.86% to the £. A sinkingr fund 
of %% per annum being: provided. Denominations. £100. £500 and £1.000. 
Convertible into 4% registered stock, due January 1, 1961. Secured as a 
primary and direct obligation of the Province of Saskatchewan. Exempt 
from all Succession duties and taxes levied in the Province. Listed in 
London. Outstanding 1921, £963.800. 

BABKATCaXWAM TAMM JbOAM 6s, DVS 19S4 

Issued and outstanding $1,000,000. Dated May 1. 1919. Due Mtiy 1. 
1924. Interest May and November 1 at Regrina. 

BASKATCKSWAV 4-YSAB 6s, Dim 1984* 

Issued and outstanding $1,000,000. Dated May 1, 1920. Due May 1. 

1924. Interest May and November 1. Principal and interest payable in 
gold at Toronto, Montreal. Reglna. or at the National Park Bank, New 
York, at the option bf holder. Coupon bonds of $1,000. registerable as 
to principal. 

Offered May. 1920, at 102.20 and interest to yield 5.47% by Halsey. 
Stuart & Co., Chicago, and Dominion Securities Corporation, Toronto. 

8A8KATCKSWAV 6-YEAm 6s, DITE 1926 

Issued and outstanding $3,444,000. Dated January 15, 1920. Due Janu- 
ary 15, 1926. Coupon bonds, in denominations of $1,000. Principal and 
interest payable Jan. and July 15 at the option of the holder at the 
National Park Bank, New York City, or Union Bank of Canada in Toronto, 
Montreal and Regina. These bonds are a direct and primary obligation 
of the Province of Saskatchewan. Offered at 96.86 and Interest, yielding 
6.75%. by the Continental & Commercial Trust & Savings Bank of Chicago. 

8A8KAT0KZWAV 10-YEAm 6s, DITE 1925 

Issued and outstanding $1,750,000. Dated Oct. 1, 1915. Due Oct. 1, 

1925. Issued in October. 1915, by A. E. Ames & Co., Dominion Securities 
Corporation and Wood, Gundy & Co., on a 5.80 basis. Principal and interest 
(April and October) payable in gold In Montreal, Regina, Toronto and 
New York. Denomination, $1,000 and $500. Principal may be reglstertd. 

8A8KATCHBWAV DBBEVTVBE 4Hs, BVE 1926 

Issued and outstanding $917,000. Due July 1, 1926. Interest January, 
and July 1. at New York in gold. 

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KIMBER'S RECORD OP QOYBRNMENT DEBTS 



r DXBBMTVBB 6m DVB 1M6 

Issued and outstandingr 1400,000. Due July 1, 1926. Interest January 
and July 1, at New York in srold. 



LTORBWAV lO-TBAB 5s, DVS 1981-1996 
Issued 11,000.000 In May. 1916. Dated May 1. 1916, and due ISOO.OOO 
on May 1, 1921. and $500,000 May 1, 1926. Principal and interest (May 1 
and November 1) payable in gold in New York, Resrina, Toronto and 
Montreal. 



HTCBMWAM 10-TBJkm 6s, DVS 1997 

Issued and outstanding 11.681.980. Issued in December. 1917. Due 
Oct 1, 1927. Interest payable April and Oct. 1 at Regina. Purpose of 
issue — ^farm loans. 

BASKATCBJSWAM 6s, DITE 1997 

Issued and outstanding 93.00.000. Dated August 1. 1921. Due August 
1. 1927. Interest February 1 and August 1. Principal and interest payable 
in U. S. gold at the National Park Bank in New York or Union Bank of 
Canada in Regina. Winnipeg. Toronto and Montreal. Denomination, coupon 
11,000. reglsterable as to principal. 

A 'direct obligation of the Province and a charge upon the general 
revenue. 

Offered. September, 1921, by The National City Company, at 92% and 
interest, to yield about 7.50 per cent. 



MAmXATOWMWAM 16-TBJkm 6s, DVS 1931 

Issued 1500.000 in December, 1916. by Harris Forbes A Co., Dated Dec 
1. 1916. Due Dec. 1. 1931. Interest June and Dea 1. Principal and interest 
payable in gold in New York. Montreal. Toronto and Regina. Denomina- 
Uon, 11.000. 



LTCnWAV 16-TBAB 6s, DVS 1939 

Issued and outstanding $1,500,000. Dated Sept, 1917. Due Sept 1, 
1982. Interest March and Sept 1. Principal and interest pajrable in gold 
at Union Bank of Canada, Montreal. Toronto and Regina. or at National 
Park Bank. New York. Coupon bonds of $500 and $1,000. reglsterable as 
to principal. 

$850,000 underwritten September, 1917, by W. A. Mackenzie A Co., 
Toronto; Breed, Elliott & Harrison and the Provident Savings Bank A 
Trust Co.. Cincinnati. $650,000 underwritten Jan. 1, 1918. by W. A. 
Mackenzie A C6., Brent. Noxon & Co., Wood, Gundy A Co., and Dominion 
Securities Corp.. Toronto. 



TAM B%% BOVD8 AVD 8TOOX, Dim 1984 

Issued £650.000 ($8,168,888) in Oct. 1918. by Union Bank of Canada at 
99%. Denominations: £100. £500 and £1,000. Principal and Interest (Jan. 
and July 1) payable at Union Bank of C!anada, London or Regina. 
Ctovemment has option to repay at par on or after January 1. 1924, on 
three months' notice. Issued to refund 4H% debentures, due Jan. 1, 
1919. Free from all Saskatchewan taxes. Debentures were oonvertible 
into registered stock without charge up to Jan. 18, 1919. 



S8S 



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BRITISH EMPIRB— CANADA 



8A8KATORBWAV 15-YSAB 6s, DVB 1936 

Issued and outstanding $3^000,000. Dated February 1, 1921. Due Febru- 
ary 1, 1986. Interest February 1 and August 1. Principal and Interest 
payable at Regina. Winnipeg. Toronto and Montreal. Denominations, 
coupon $600 and |1.000. 

A direct obligation of the Province and a charge upon the general 
revenue. 

Offered, January, 1921, by Dominion Securities Corporation, at 99 and 
accrued interest, to yield over 6.10 per cent. 

UABKA!3tOaMWAM SO-YSAB 9B, DUS 1938 

Issued and outstanding $1,500,000. Dated July 1, 1918. Due July 1, 
10S8. Denominations, |100, |500 and |1,000. Principal and interest pay- 
ahlB January and July 1, in gold, at Union Bank of Canada in Toronto, 
Montreal and Regina, or at the National Park Bank, New York City. 
Reglflterable as to principaL Underwritten by A. EL Ames & Co., Toronto. 



MAMXATOaXWAX 80-TBAB 6ih Dim 1989 

Issued |S,000,000, in April, 1919, at price to yield 6.80%. Dated May 
1, 1919. Due May 1, 1989. Principal and interest payable (May and 
Nov. 1) in gold, in Regina, Toronto, Montreal and New York. Coupon 
bonds of $100, 1600 and $1,000, registerable as to principal. Underwritten 
by R. C. Matthews A Co., and Aemilius Jarvis & Co., Toronto. 



BAMKAXQXXWAM 90-TBAm 6s, Dim 1940 

Issued and outstanding $3,000,000. Dated October 1, 1920. Due Octo- 
ber 1, 1940. Interest October and April 1. Principal and interest payable 
at the Union Bank of Canada. Regina, Toronto or Montreal. Coupon 
bonds of $600 and $1,000. 

Offered October, 1920, at 96.62 and interest to yield 6.40% by Wood, 
Gundy & Co., and R. C. Matthews & Co. 



BWAV 40-Tm4B 4s, DVS 1949 

Issued £410.900 In December, 1908. at 99 H by London County West- 
minister and Parr's Bank. London. Dated January 1, 1909. Due January 
1, 1949. Principal and interest (January and July) in liondon by issuing 
bank and Montreal at par of exchange by Union Bank of Canada. De- 
nomination £100. Listed in London. Free from provincial taxes. Out- 
standing £376.900. 



EAMKATOBBWAM 4% BaOZSTBBSD 8TOOZ, DUB 1961 

Issued £1,128.892 in London in December, 1910. by Canadian Bank of 
Commerce at 101. Dated Jan. 1, 1911. Due Jan. 1, 196?. Principal and 
interest (January and July) in London and Regina by issuing bank at 
the exchange of $4.86% to £. Listed in London. Sinking fund ^% 
annually. Transferable to Regina register. Outstanding £767.786. Free 
from provincial taxes. 



BAMKAXCMBWAM 4H% BSOZSTBSSD BTOOK, DUB 1964 

Issued £399,174 in London in 1914 by Canadian Bank of Commerce. 
Dated Jan. 1, 1914. Due Jan. 1, 1964. Principal and interest (January 
1 and July 1) payable in London and Regina. Listed in London. Trans- 
ferable to Regina register without charge, free of stamp duty. Issued 
to refund 4H% debentures due Jan. 1. 1919. Free from provincial taxes. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

British East Africa (Kenya) 

The British Colony of Kenya, formerly known as the East African 
Protectorate, became a British Crown Colony as from July 28, 1920 under 
the name of "Kenya Colony." The Government consists of an Executive 
and a Legrlslative Council, the former consistingr of four members, in 
addition to the Governor, who is appointed by the British Crown. Under 
an Ordinance of July, 1919, the Legislative Council Is to comprise eleven 
elected representatives of the European community, three nominated mem- 
bers (two representing: the Indian population and one the Arabs), and a 
sufficient number of official members to Rive a majority in the Council. 
Legrislation is by Ordinances of the Governor promulgated with the advice 
and consent of the Legislative Council. For administrative purposes the 
Colony is divided into white-settled areas under Resident Magistrates, and 
native reserves under Native Commissioners. 

Kenya lies immediately south of Abyssinia, has an area of 245.060 
square miles and population of 2.807.080. of whom 9.650 are whites (1921). 
The climate Is temperate and the region well suited to agriculture and 
stock-raising. The Uganda Railway runs back from the coast at Mombasa 
618 miles to Kisumu on Lake Victoria Nyansa, where connection is made 
for lake ports in Uganda. Mombasa is a port of call for numerous 
steamship lines of British, French, Scandinavian, Italian and Dutch 
ownership. 

Chief exported products are beeswax, cocoa, cotton, coffee, flax, nuts, 
hides and skins. Figures for recent years are as follows: 

Year ended Total Imports Total Exports 

March 31 £ ' £ 

1921 4.161.000 8,183.000 

1920 8.120.000 8.007,000 

1919 3,898.000 2.499,000 

1918 2.810.000 1,742,000 

1917 3.024.000 1,614,000 

Revenues and expenditures of the Government for recent years ending 
March 31 st were: 

Revenues in 1919. £1,649,000; 1920. £1.726,000; 1921. £1,926.000. 
Expenditures in 1919, £1.671.000; 1920, £2,171.000; 1921. £1.945,000. 

BBZTI8K BAST ATBIOA (KB VTA OOTT 6% ZV80BZBBD STOCK, 1946-56 

Issued and outstanding £5.000.000. Dated November 15, 1921. Due 
September 15, 1956. Interest March and September 15. Principal and 
interest payable at office of the Crown Agents for the Colonies, London. 
Free of stamp duty. Principal repayable at par — September 15, 1956, by a 
sinking fund of not less than 1% per annum, formed under the manage- 
ment of the Crown Agents. Trustees. Redeemable at par on or after 
September 15, 1946, upon six months' notice. Denominations, coupon £100, 
£500 and £1,000. 

Offered in London, November 7. 1921, at 95%. 

Proceeds of loan for railroad construction and other works, for the 
general development of the Colony, and to repay certain loans advanced 
by the British Treasury for Public Works already completed. 



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BRITISH EMPIRE 



Ceylon 



Ceylon is a British Crown Colony lyingr off the southern extremity of 
India. It is administered under Letters Patent of 1910. The executive 
power is vested in a Governor* aided by an Executive Council of seven 
members, who are also members of the Lie^islative Council. The latter 
comprises 21 members, consistinsr of officeholders and representatives of 
various racial and religrious groups on the island. For administrative 
purposes the island is divided into nine provinces, presided over by grovem- 
ment agrents. The chief source of revenue Is the customs dues. Currency 
is the same as that of India. Capital is Colombo. 

Ceylon has an area of 26,481 square miles and population of over 
4.000,000. The chief exported product is tea; other important exports are 
cinchona (quinine), rice, tobacco, spices, rubber, pearls and other gems. 
Year ended Total Imports Total Exports 

Sept 30 £ £ 

1919 21,106.000 81.918,000 

1918 11,849,000 14.209,000 

1917 12,848,000 20,468,000 

Government Revenues and Expenditures for recent years ending Sep- 
tember 80th have been: 

Revenues in 1917, £4,465,000; 1918. £4.262.000; 1919, £4,671,000. 
Expenditures in 1917, £4,289.000; 1918. £4.829,000; 1919, £4.723,000. 
The Government owns and operates 727 miles of railway, and in 1921 
was actively pushing a program of extensions and improvements thereto. 
Public Debt of the Colony December 31, 1921. was £16,060,193. 

omov ooT^ 4H% IbOam or isre av» ists 

Issued £200,000. Outstanding £200. Interest May and November 
16. Agents, Crown Agents for the Colonies, London. Issued £100,000 
in December. 1876. at 102, and £100.000 in January. 1878, at 105. Re- 
payable in annual installments, by means of a cumulative Sinking Fund 
of 1% per annum, to be applied either by annual drawings (if any. in 
October) at par. or by purchase, at the option of the Gk>vernment. De- 
nominations. £1.000, £600» £200 and £100. 

OBT&OV OOT^ 4% &OAV8 OV 1880-1885 

Issued £1.866.000. Outstanding £226.000. Interest February and 
August 16th. Agents. Crown Agents for the Colonies, London. Issued 
£700.000 in January. 1880, at £98; £675,000 in August. 1881. at £108% 
and upwards; £491.000 in November. 1883. at an average price of £99, 
15s. 4d.; £100,000 in July, 1885. at an average price of £100 10s. 6d. 
Sinking Fund of 1% per annum cumulative, applied by annual drawings 
in January (for repayment at par on 15th February), or by purchase. 
The Sinking Fund on £200.000 commenced to accrue in February. 1886. 
and on other portions in 1886. 1887 and 1838. Bonds in coupon form of 
£1.000. £500 and £100. 

OmOV OOT^ 4% ZmCBXBBD STOCK OV 1885-6 

Issued £1,076.100. Interest February and August 16. Agents, Crown 
Agents for the Colonies. London. Issued in 1885-6 in exchange for 4% 
Bonds at par. Repairable at par on 16th February, 1984. Sinking F*und 

S86 



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KTMBER'S RECORD OF GOVERNMENT DEBTQ 

of 1% per annum, commencing: at the respective dates at which the 
contributions would have commenced in respect of the Bonds Ezohangred 
for Inscribed Stock, had they remained in circulation. 



OmOV OOT'T 3% nrSOBZBBD 8TOOK or 1890 DUB IMO 

Issued £2.850,000. Interest May and November 1, £800,500 (part of 
£450,000 offered) issued in May, 1890, at an averagre price of £93 2s. lOd., 
£149,600 beingr sold at prices ran^ngr from £9S to £94 5s. £500,000 
issued in April,. 1894, at an averagre price of £96 5s. 8d.; £500,000 in 
November, 1894, at an averagre price of £100 19s. 2d.; and £1,400,000 
in January, 1902, at £94 10s. Repayable at par on 1st May, 1940; sinking 
fund of 1% per annum. Stock is transferable free of stamp duty. Agents, 
Crown Agents, for the Colonies, London. 



OmOV OOTT 8H% XmOUBBD 8TOOS OV 1900 (1934-1959) 

Issued £1,500,000. Interest June and December 15. Issued in Decem- 
ber, 1909, at 98%%. Repayable at par on 16th December, 1959, by a 
•inking fund of 1% per annum, with Government option of redemption 
at par on or <»*ter 15th December, 1984. on givingr six mnhtHB* notice. 
Stock certificates to bearer of £100, £500 and £1,000, coupons attached, 
obtainable in exchange for re-inscribed stock on payment of a fee of 2s. 
per cent, and same caji be re-inscribed on payment of a fee of Is. All 
transfers and exchanges are free of stamp duty and effected at transfer 
office of Crown Agents for the Colonies 1, Tokenhouse Buildingrs. liondon, 
E.C. 

OmOV OO'TT 4% mCBIBBD 8TOOK OT 1914 (1939-1959) 

Issued £1,000,000. Interest April and October 15. Issued in April, 
1914, at 99%. Interest is payable by warrants, which, if desired, may 
be sent by mail, and the principal is repayable at par April 15, 1969, 
against which date a sinking fund of 1% per annum Is to be provided. 
The Government may redeem at par on or after April 15, 1939, on six 
months' notice. The sinking fund may be used in the purchase of stock 
of this issue. In regard to issue of stock certificates to bearer, transfers, 
etc., stock is similar to £1,500,000 of t%% of Inscribed Stock. Agents, 
Crown Agents for the Colonies. London. 



OMYT,Om OOT^ 0% ZHBOBZBBD 8TOOK, DUB 1980-51 

Issued and outstanding £6,000,000. Interest January and July 1. 
Principal repayable at par on July 1, 1951, by a sinking fund of £1.166% 
per annum, formed under the management of the Crown Agents Trustees, 
but the government of Ceylon has option of redemption at par on or aftef 
July 1, 1936, upon 6 months' notice. Denominations, coupon £100, £600 
and £1,000; registered £100 and multiples. Transferable free of stamp 
duty. 

Proceeds of loan will be used to repay to the general balance of the 
Colony sums advanced therefrom to the Municipal Council of (Colombo, for 
the construction of the Colombo Drainage Works and the extension of 
the Colombo Water Works, and also to meet the cost of the Battlcaloo- 
Maho and Trincomalee Light Railway, and other public works. 

Offered £3,000,000 June 6, 1921 and £8.000,000 October 8. 1921, at 
97%, in London. 



286 



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BRITISH EMPIRE 



Gold Cioast 

The Gold Coast derives its name from the grains of gold mixed with 
the sand of its rivers. The Colony lies on the west coast of Africa and 
has an area of ^4,200 square miles and population of over a million, of 
whom about 2,000 are whites. The Gold Coast is a British Crown Colony, 
administered by a governor and council, all of whom are appointed. 

Chief products exported are grold, palm oil, cocoa, mahogany and nuts. 
Value of imports in 1919 was £7,946,981; exports. £10,814,176. 

Government revenue in 1919 was £2,601,360; expenditures, £1,781,170. 



OOU> OOA8T 8% nraOmZBXD STOCK C1M7-I95a) 

Issued £1.098,000. Interest March and September 1. AgenU. Crown 
Agents for the Colonies, London. Issued £1,086,000 in March. 1902, at 
£91 and £68.000 sold on the market in 1908. Repayable at par on 1st 
March. 1952, the Government having the option of redemption at par on 
or after 1st March. 1927. on six months' notice. Sinking Fund, 1% per 
annum. Free of stamp duty. 

OOU> OOA8T 8H% XVSOBZBBB STOCK (1934-1958) 

Issued £1,080,000. Interest May and November 1. Issued from time 
to time in conversion of Scrip of 8H% Convertible Bonds (£1,000,006) 
at the rate of £108 Stock for each £100. Repayable at par on 1st May, 
1969, the Government having the option of redemption . at par on or 
after Ist May, 1984, on giving six months' notice. Sinking Fund. 1% 
per annum, under the management of the Crown Agents. Stock trans- 
ferable free of stamp duty. 

OOU> COAST 4% ZVSCUBBD STOCK <1939.1969) 

Outstanding £1,086,000. Interest June and December 16. Issued in 
June, 1914, through the Crown Agents for the Colonies, London, at 98^%. 
Interest is payable by dividend warrants which are forwarded by mail 
if desired and the principal is to be repaid at par on June 16, 1969, but 
the Government has reserved the right of redemption at par on or after 
June 15, 1939, on six months' notice. A sinking fund of 1% per annum 
is provided, to be invested for the redemption of the stock at its due 
date; this sinking fund may be applied in the purchase of stock of this 
issue. 

• 
OOU> COAST 8% nrSOQSIBSB STOCK OV 1980 C1M6-1970) 

Issued and outstanding £4,000,000. Interest February and August 16. 
Repayable at par on February 16, 1970, but the Government has reserved 
the right of redemption at par on or after February 16, 1946, on six 
months' notice. Sinking fund of %\% per annum is provided to be 
invested for redeeming the stock at maturity date. 

Issued through the Crown Agents for the Colonies, London, in January, 
1^20, at par. 



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KIMBER'S RECORD OF OOVBRNMENT DEBTS 



Hong K(Hig 



Honff Kong is a Crown Ooloay of the British Government, ceded by 
China in January, 1841. It is administered by a Governor and an E)xeen- 
tive Council composed of public officials and two unofficial members. There 
is also, a Le^slative Council presided over by the Governor and comprising 
several members of the Executive Council together with six unoffloial 
members, four of which are appointed by the Crown, one by the local 
Chamber of Commerce and one by the Justices of the Peace. 

Hong Kong is situated off the southeast coast of China. The city 
(Victoria) and adjacent British territory have an area of 891 square miles 
and population of 698,000 (1919 official estimate), of whom about 18,000 
were Europeans, the others Chinese. 

Hong Kong is one of the great seaports of the world. In 1919 shipping 
entered and cleared at the ports was 649.168 vessels aggregating 85.615,169 
tons. Of this total, 41,985 vessels of 21,072.129 tons were engaged in 
foreign trade, the remainder in coastwise traffic. 

The monetary unit is the silver or Mexican dollar, the exchange value 
of which of course varies with the price of silver. At December 81, 1921, 
its exchange value at New York was 65 cents. Banknotes are issued by 
the Hong Kong & Shanghai Banking Corporation, the Chartered Bank of 
India, Australia & China, and the Mercantile Bank of India, Ltd. 

Imports into Hong Kong were valued in 1919 at £90,661,708; exports 
in 1919, £108.942,984. 

Government revenue in 1919 was 116,624,976 (Mex.); expenditure 
$17,915,926 (Mex.). 

The public debt consists of the two bond issues described below. 



XOVO KOVO OOT^ 8H% XVSCBZBXD 8TOOK (1918-1948) 

Issued and outstanding £1,486,738. Interest April and October 16. 
Agents, Crown Agents for the Colonies, London. Issued £200,000 in 
April, 1898, at an average price of £100 12s. lid.; £141,800 in 1894 for 
conversion of 4% Debentures, and £1,148,988 in February, 1906, at an 
average price of £99 Is. Repayable at par 15th April, 1948, or, at the 
option of the Government, at par on or after 15th April, 1918, on six 
months' notice. Sinking Fund, 1% per annum applied to the purchase of 
stock below par. Stock transferable free of stamp duty. 

XOVO KOVO OOV^ 6% WAB JbOAM OV 1916 

Issued and outstanding $3,000,000. Interest May and November at 
Hong Kong A Shanghai Banking Corp. Sinking fund of 1% per annum 
which may be applied to redemption of stock at par, on or after Novem- 
ber 80, 1921, and the final redemption on December 81. 1928. 



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INDIA 



1,802,629 square miles. 



FOFITbATZOV 

1921 (Census). 819.075,182. 
1911 (Census), 816.166,896. 
1901 (Census), 294.861.056. 
In 1911 the Brltish-bom population was 122,919; other Europeans 13.076. 



India is nominally an empire under the suzerainty of the British Crown. 
It is composed of a number of states administered by hereditary native 
rulers, and several provinces or districts directly administered by the 
British authorities. The supreme executive authority is vested in the 
Viceroy, or Ctovemor-Ctoneral, appointed by the C^own. There has recently 
been created an Indian Liegrislature consistingr of the (3k>vernor-Gleneral 
and two Chambers, viz.. the CTouncil of State of not more than 60 members 
and the Legrislative Assembly. The Assembly contains 144 members, of 
whom 26 are officials and 103 are elected. The Assembly is presided over 
by a President appointed by the Gk>vemor-Oeneral. The legrislature has 
power, subject to certain restrictions, to make laws for all persons within 
British India, for all subjects within the Native States, and for all native 
Indian subjects of the Kiner in any part of the world. The Govemor- 
GreneraJ. with the consent of the Crown and approval of Parliament, may 
enact certain measures a^inst the wish of either branch of the Indian 
Legislature, but it is the declared policy of the British Government to 
promote "the increasingr association of Indians in every branch of the 
administration, and the gradual development of self-governing institu- 
tions with a view to the progressive realization of responsible government 
in India as an integral part of the British Empire." 

The (3k>vemment of India Act 1919, applying to the provinces of 
Madras, Bombay, Bihar, Oressa, United Provinces. Punjab, Central 
Provinces and Assam, classifies governmental functions as "Central" and 
Provincial, the latter being reserved to the Provincial Governments. Cer- 
tain "Central" functions, such aa the collection of income tax, etc.. may 
be administered by the Provincial authorities as agents of the Central 
Government The GJovemor-General in Council may intervene in the 
administration of Provincial functions when it is necessary to safeguard 
Central interests or to decide questions concerning two or more provinces. 
Certain revenues are definitely allocated to the Provinces, which are re- 
quired to furnish contributions to the Central Government as a first 
charge on their revenues. The Provinces are now permitted to raise loans 
on the security of revenues allotted to them. 

The Provincial (Governments are subdivided into municipalities. The 
municipal bodies impose taxes, borrow money, contract and pay for im- 
provements and make other expenditures with the sanction of the 
Provincial Government. By the Local Self-Gk>vernment Act of 1883-84. 
popular election of local officials was extended in large measure all over 
India. 



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KIICBER'S RECORD OF GOVERNMENT DEBTS 



OOBMMMUT 

Montmrj Unit, Silver Rupee=|0.3244 U. S. 

One lakh=100.000 rupees (Rs. 100»000) and is written Rs. 1,00.000. 

One crore=100 lakhs (or 10,000,000 rupees) and is written R& 1,00,00,000. 

India is on a ^Id exchange standard. The currency of the country 
consists of British gold sovereigns and half-sovereigns, and the silver 
rupee. All are legal tender at the fixed rate of la 4d. per rupee (i. e., 16 
rupee8=£l). There are two reserves, the Gold Standard Reserve and 
the Paper Currency Reserve. Funds of the Gold Standard Reserve are 
entirely in gold and gold securities, and are derived from profits on 
rupee coinage and from interest on investments. 

Paper Cuxrenoy — By the Paper Currency Law of 1910 notes are issued 
in denominations of 5, 10, 50, 100, 500, 1,000 and 10,000 rupees. Notes of 
6. ' 10. 50 and 100 rupees are legal tender throughout British India and 
negotiable at any office of issue. Notes of higher denominations are legal 
tender only in the currency circle where issued. There are seven currency 
circles with offices of issue at Calcutta, Madras, Bombay, Rangoon, 
Lahore, Cawnpore, KaraohL 

Notes in circulation must be secured by reserve equal to their full 
value. This reserve may be in gold, silver or securities of the Government 
of India or of the United Kingdom. 



voBBWv oo: 

Year 

ended 
Mar. SI 
1921... 
1920... 
1919... 
1918... 
1917... 
1916... 
1916... 
1914... 
1918... 
1912... 
1911... 



(In U. S. Dollars) 
Per Cent. 



Total 
Imports 
See Note 
1,046,611,720 
548,408,000 
488,018,000 
485,420,000 
426.112,000 
447,488,000 
694,521,000 
622,889,000 
449^682,000 
419.686,000 
Values of imports 
•Figures of the U. 



Imports 
from IT. S. 
•56,770,000 
•99,867,000 
62,891,000 
88.829,000 
85,645,000 
25,537,000 
16,188,000 
15,644,000 
16,881,000 
17,164,000 
11,828,000 



from 
U.S. 



Total 
Exports 



9.5 947,020,920 

9.6 776,894,000 
7.8 757,867,000 

7.8 756,431,000 

5.9 624,645,000 
8.4 575,820.000 

2.6 792,869,000 
8.2 782.418.000 
3.8 719.384,000 

2.7 664.676.000 
and exports are based on wholesale market prices. 

S. Department of Commerce. 



Exports 
to U. S. 

•78.189,000 
•176.076.000 

107.648,000 
99,169,000 

101,160.000 
68.609.000 
66.265.000 
70.657,000 
60,963.000 
60,567,000 
43,812,000 



Per 
Cent 

to 
U.S. 



18.6 

18.9 

18.0 

18.4 

11.0 

9.8 

8.9 

7.8 

7.0 

6.6 



OO' 



Year ended 
Mar. 81 



Actual 
Revenue 

£ 

110,600,000 

104,772,000 

110,000,000 

98.870,000 

96,775,000 

84,414,000 

81,158,000 

86,207,000 

86,862,000 



•1922 

•1921 

1919 

1918 

1917 

1916 

1915 

1914 

1913 

•Budget estimate. 

The above figures do not include capital expenditures on account of 
State Railways and irrigation works. 

290 



Actual 
ESxpenditure 

£ 

129,000,000 

102,268,000 

104,000,000 

98,786,000 

90,786.000 

85,602,000 

82.948.000 

82,895,000 

88,756,000 



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BRITISH EMPIRE 



VATXOHA& FUB&ZO DSBT 

Year ended Funded and Unfunded Debt 

Mar. 81 In India In En^^land Total 

£ £ £ 

1920 217.280,000 198.780,000 410.960,000 

1917 148,788.929 174.144.724 817.888,668 

1916 145,028,000 176,172.000 820.000,000 

1915 187.588.666 188.190,858 820.729,028 

1914 180.826.865 177.064,757 807.871,122 

1918 124.809,471 179.179,198 808.988,664 

1912 120,165,996 182,986.697 808.152,992 

The Government of India agreed to contribute £100,000.000 towards 
Great Britain's war expenditures. The various war loans described on 
following pages were issued to provide for this contribution. 

An official paper gives the interest bearing debt of the Government 
outstanding in England as $170,608,968 (March 31, 1921). 



Government Bond Issues in Detail 

Motm^ — ^All India Government securities in England are domiciled with 
the Bank of England (and the 8^. 8 and 2^% sterling stocks also with 
the Bank of Ireland), and. excepting East India. E:astern Bengal. South 
Indian and Great Indian Peninsula Railway debenture stocks, are transfer- 
able free of Stamp Duty. 

OOT^ or xmzA 8h% stock or issr-isss 

Issued £94,659,837. Outstanding £89.414,071. Interest January 5, 
April 5. July 5 and October 5. The stock may be redeemed on or after 
January 5. 1931. upon one year's notice by the Secretary of State ol 
India. Transfers are free of stamp duty. All payments at London in 
sterling. 

«OT*T or XmZA 8% 8TO0X or 1894 

Issued £66.749.726. Outstanding £65.109.188. Interest January 6, 
April 6. July 6 and October 6. The stock may be redeemed on or after 
October 5, 1948. upon one year's notice by the Secretary of State for 
India. Transfers are free of stamp duty. All payments at Liondon in 
sterling. 

«OT^ or TMDXA 8H% STOCK Or 1896 

Issued £11.900,000. Outstanding £11.684.986. Interest January 5. 
April 5, July 6 and October 6, and the stock may be redeemed on or 
after October 5, 1926, upon one year's notice by the Secretary of State 
for India. Transfers are free of stamp duty. All payments at London in 
sterling. 

4H% mUrSBS KOAV 1870»1877 

Outstanding Res. 1,00,00,000. Interest Janucu^r and July 4 in rui>eefl. 
Repayable after 101 years. Loan from Maharajah Holkar for Indore 
State Railway. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

«OT^ OV XXBZA 3H% BWSB &OAV OV 18M 

Outstandingr Rs. 87,98,82,727. Interest February and Au^UBt 1, aa 
regards 20,90,68,000 rupees, known as the 1842-8 loan; June 80, and Decem- 
ber 81 on 29,41,78,527 rupees, known as the 1864-6 loan; Hay 1 and 
November 1 on 88,96,17,000 rupees, known as the loan of May 1, 1866; 
and January 16 and July 16 on 8,65,84,200 rupees, known as the 1879 
loan. Can now be paid off at any time on the expiration of the three 
months* notice. Issued in conversion of pre-existing 4% loans. 

Qirrr or xxbxa s% mmnns JbOam, 18M-7 

Outstanding Rs. 6.61.57.750. Interest payable June 80 and December 
31; principal is repayable at any time on or after December 81, 1916, on 
three months' notice. Holders may convert into the 8^% rupee loan of 
1900-1 at the rate of 700 rupees of the S%'8 for 600 rux>ees of the 8H*a 
Permission to convert may be withdrawn on six months* notice being 
given. 

OOTT or XXBZA 3%% BUrXB &OAV Or 1900 

Outstanding Rs. 81,11.48.400. Interest payable June 30 and December 
81, the loan cannot be repaid before December 81, 1920, nor until the 
expiration of three months after notice of payment Holders In India 
have the option of converting their holdings into the above 8^% rupee 
issue. 

Placed in India at various times since the year 1900. Recent issues 
were 25.000.000 rupees in July. 1909. at 96%% and upwards, 16,000,000 
rupees in July, 1910, at 96 15-16% and upwards. 20.000,000 rupees in July, 
1911. at H%% and upwards, 80,000.000 ruY)ees in July, 1912, at 96%% and 
upwards. 80,000.000 rupees in July, 1913, at 96%% and upwards, and 
60.000.000 rupees in July. 1914. at 96 9-16% and upwards. 

4% rnvmS BAZ&WAT &OAV 

Outstanding Rs. 1.50,00,000. The loan is perpetual. From Maharajah 
Scindia for State Railways. 

4% mVrXBB BAZ&WAT &OAV 

Outstanding Rs. 47,00,000. The loan is repayable on one year's notice, 
to be given after December 1, 1917. From Nawab of Rampur. 

4% muwmmu owAuom &oav or las? 

Outstanding Rs. 62,00,000. Interest payable 15th of March and Septem- 
ber. Repayable by annual installments of 12 lakha 

4% mVPBBB TSBKZVAB&X &OAV 

Outstanding Rs. 4.99.86.000. Issued In August. 1915, at par. Interest 
is payable May 31 and November 30. The loan is in the form of promis- 
sory notes, and is repayable at par on November 30. 1923, with option to 
the Government to redeem the whole or part of the loan on or after 
November 30, 1920, on three months' notice. 

4% mVrXBB OOHTEBSIOV &OAV, 1916-17 

Outstanding Rs. 9.90.07.100. Int. pay. A. & O. Issued in June, 1916, at 
par. Due December 1. 1963. Redeemable in whole or part after October 
1, 1981, on three months* notice. 



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BRITISH EMPIRE 



OOT'T or XXBZA 6% WAM &OAV 07 AVOITOT 16, 1917 
(First War &om&) 

Note. — Installment allotments paid in full after August 15. 1917, dated 
February 15, 1918. 

Issued and outstandinir Rs. 24,67,99,800. Interest Feb. 15 and Aug. 16. 
Note. — ^The amount grlven above is total amount as of Feb. 28, 1918, of 
this issue, S^s, due 1920, 5%s, due 1922, and Post Office Certificates. 
Interest subject to Income Tax and Supertax, except where issued througrh 
the Post Office and deposited with the Accountant General, Posts and 
Telegrraphs and then only for so long: as they are deposited. Denomina-< 
tion — ^Becurer bonds, 100 rupees and multiples thereof, promissory notes 
transferable by endorsement and inscribed stock certificates by deed. 
Redeemable in whole or in part at par on or after Aug. 15, 1929, on three 
calendar months' notice in the Gazette of India. 

principal repayable at par August 15, 1947. 

Depreciation Fund — ^For the purpose of providing against depreciation 
in the market price of this locui the Government of India undertakes 
to set aside annually a sum equal to one and one-half per cent, of the 
amount of this loan to form a fund to be used for the purchase of 
securities of the loan for cancellation whenever the market price falls 
below the issue price. 

Subscriptions were received from March 16 to June 16, 1917, and 
through Post Offices to October 16, 1917, at 95, to yield about 6.34%. 

QOYre or zvdza 6H% wAm bovds or avoitbt is, i917 
(Bsoond War &oan) 

Note. — ^Installment allotments paid in full after August 16, 1917, dated 
February 15, 1918. 

Outstanding Rs. 19,17,96,682 (1920); Rs. 11,32,70.368 (1922). 

Due in two maturities, Aug. 16, 1920, and Aug. 15, 1922. Issued — See 
5% War Loan. Interest Feb. 15 and Aug. 15. Exempt from Income Tax 
but not from Supertax. Bearer bonds, 100 rupees and multiples thereof, 
promissory notes transferable by endorsement and inscribed stock certifi- 
cates transferable by deed. Not redeemable before maturity. Subscrip- 
tions received from March 11, to June 15, 1917, and through Post Offices 
to Oct 16, 1917, at 100, to yield 5.50%. 

OOT^ or XXBZA 6H% WAM &OAV Or 1918 
CTUrd War Iboan) 

Issued at par. Redeemable at par on September 16, 1928. Interest 
March 15 and September 15. Interest free of Indian income-tax but not 
of super-tax if otherwise payuble by the holder. 

Outstanding Rs. 2.15.21,060 (1923). 

«OT*T OP XXBZA 6H% WAM JbOAM Or 1918 
(rovrth War Iboan) 

Issued at par in June-September, 1918. Outstanding Rs. 4,19.06.490 
(1925); Rs. 26,20,36.668 (1928). Repayable; War Bonds (1925) at 103% on 
September 16, 1926; War Bonds (1928) at 106% on September 15, 1928. 
Interest free of Indian income-tax but not of super-tax if otherwise pay- 
able by the holder. Indian Treasury Bills accepted in payment at a dis- 
count of 4% per annum; also at Is. 6d. per rupee. British Treasury Bills 
tendered in England, at 8%% discount. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

OOTT or XXBXA 6% mWSB &OAV or 1919, DVB 1946-66 

Outstandingr Rs. 21,28,31,000. Interest April and October 15. Lioan of 
unlimited amount issued at 96, open to subscription in India from July 2 
to Auerust SO, 1919, inclusive. Loan is repayable at par not earlier than 
October 15, 1946, and not later than October 15, 1965. Sinking* fund of 
1%% set aside annually. Exempt from Indian income-tax. 

Indian War Bonds of all issues accepted at par in subscription to the 
loan. Indian Treasury Bills also accepted subject to discount of 4% per 
annum on the unexpired portion of the currency of the bills. 

Loan issued in form of stock or promissory notes, exchangreable free 
of cost for bearer bonds when the latter are available. 

NOTE. — A further issue (unlimited) of this loan was announced at 
96% in July- August. 1920. Indian War Bonds of 1920 to 192S being 
accepted at par and War Bonds 1926 and 1928 as equivalent to RH. 102.4 
and 103.4 respectively. 

OOTT or XXBZA lO-TBAB 6% BVm BOBD8 Or 1990 

Amount authorised: unlimited. Issued: Rs. 28,00,00,000. Dated August 

15, 1920, due August 15, 1980. Interest at 6% payable February 15 and 
August 16. Principal and interest payable in rupee currency, free of 
Indian income tax but not supertax. Coupon and registered bonds. Offered 
for public subscription at par from July 6 to Ausrust 14, 1920. 

Qoyrr or zhdza 5% BvrBB bobbb or i9S0 

Amount authorized: unlimited. Amount issued: not available. Dated 
October 16, 1920, due October 16, 1966. Interest payable April 15 and 
October 16. Principal and interest payable in rupee currency, free of 
Indian income tax but not supertax. Redeemable at par at the option of 
the Government any time on and after October 15, 1946. Coupon and 
registered bonds. Offered for public subscription at 96 from July 6 to 
August 14, 1920. 

To provide against depreciation in the market value of this issue, 
1%% of the aggregate amount is set aside annually as a fund to be 
used for the purchase and cancellation of bonds when the market 
price falls below the issue price. 

GOVT or nrDZA e% bvpbb koav or i99i 

6-Tear Bonds 1921-1986 
10-Tear Bond* 1991-1981 

Issued and outstanding Rs. 47,60,89,900. Interest March and September 

16. Principal of 6-year bonds repayable at par September 16, 1926, and of 
10-year bonds repayable at par September 16, 1931. Free of income tax 
but not supertax. These securities in the form of registered stock or 
promissory notes in denomination of 100 Rupees and multiples. 

Issued partly in conversion of Indian War bonds maturing in 1921 and 
1922, subscriptions being accepted payable in these war bonds at par. 

Offered in London by the Imperial Bank of India at par in June, 1921, 
and In India at par from June 20 to July 30, 1921. 

aOYTT or nrDZA 7% WTSMLIMQ XiOJLB or 1996-1981 

Issued and outstanding £7,600,000. Interest April 6 and October 6. 
Dated June, 1921. Due October 6, 1981. Principal and interest pajrable in 
London at the Bank of England. 



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BRITISH BMPIRB 



Principal repayable at par on October 6, 19»1, but the Government of 
India reserves the Herht to redeem the Loan at 102, on any interest date 
from and after October 6. 1926, upon three months' notice. Denomina- 
tions coupon £60, £100, £500 and £1,000. Bonds to Bearer convertible 
into Inscribed Stock without payment of any fee. Free of stamp duty. 

Stock and Bonds of this issue are convertible at the holder's option 
into Government of India 3% Stock as follows: as on October 5, 1921, 
April 6 and October 5, 1922. £202 of 3% Stock for each £100 converted; 
as on April 5 and October 5, 1923. £200 of 3% Stock for each £100 con- 
verted; as on April 6 and October 5, 1924. £198 of 3% Stock for each £100 
convert ed- 



OOT^ or ZHSXA 5H% BTEBKOrO &OAV, 1938 

Issued and outstanding: £10,000,000. Interest January 15 and July 15. 
Dated January 15. 1922. Repayable at par January 15. 1932. All payments 
in sterling: at the Bank of England. LK>ndon. Issued in the form of Stock 
or Stock Certificates to bearer (which are equivalent to Bonds to bearer). 
Denominations £50, £100, £500 and £1.000. Stock convertible into Stock 
Certificates to bearer with coupons attached, and Stock Certificates into 
Stock without payment of any fee. Free of stamp duty. 

Issued, under the provisions of the East India Lioans Act of 1910. and 
previous acts, for Indian Railway purposes. 

Offered December 13, 1921, by the Bank of Engrland, at 93%%, also 
in India. 

MT90BB VBOTZHCS »VFBS IkOAV OP IMl 

IO-Tmt 7% Bonds do* 1981 
ZO-Ttae 6H% Bonds dua 1951 

Issued and outstanding- — not yet available. Interest April and October 
1. Principal repayable at par, for the 10-year bonds October 1, 1931, for 
the 30-year bonds October 1. 1961. The Government has option of paying 
off the 1951 loan at par at any time in or after 1941. All payments in 
rupees In India free of income tax. 

Issued partly in conversion of Indian Government 5 % % war bonds due 
1921, 1922. 1923, 1925 and 1928 and 6% bonds due 1926. 1930 and 1981, 
subscriptions being accepted payable in these bonds at various adjusted 
rates. 

Offered in India and in Ijondon in October. 1921, at par for the 10-year 
bonds and 97% for the 30-year bonds, subscriptions in London being pay- 
able at current exchange rates. 

OAAOUTTA POBT OOlUSBNIZOirBBS 7% DBBBimnBaS, DVB JV^T 1, 
1951 

Issued and outstanding £1.000.000. Interest January and July 1. 
Principal repayable at par July 1. 1951. Redeemable in whole or In part 
after 10 years from date of issue, upon six months' notice. All payments 
made at P. and O. Banking Corp., London. Denomination coupon £100. 

The Commissioners undertake to purchase annually in the market, 
beginning in 1926. debentures of this issue in amount not less than 2% 
of the original issue, provided they can be obtained at par or less. 

This loan was raised to finance payment for improvements and ex- 
tensions In the Port of Calcutta. 

Offered in London in July, 1921. at par and interest, by the P. and O. 
Banking Corporation and others. 

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KIMBER'8 RECORD OF GOVERNMENT DEBTS 

Irish Free State 

Area (excludingr North Ireland not at present Included in the "Free 
State") — 26,592 square miles. 

Population (not including Northern Island, Census of 1911) — 3.139,688. 



OOTBmaiKBVT Am TIMAKOB 

The Irish Free State was created early in 1922 througrh an agreement 
between members of the British Cabinet and representatives of the revolu- 
tionary party In Ireland. The treaty was ratified by the British Parlia- 
ment and accepted by the Dail Eirann (Parliament of Southern Ireland). 
Under this agreement, Ireland is a self -governing: dominion within the 
British Empire similar to Cbnada, Australia and New Zealand. The 
representative of the British Ch*own in Ireland is to be appointed in like 
manner as the Governor-General of Canada and in accordance with the 
practice observed In making such appointments. Under the Government 
of Ireland Act of 1920, Northern Ireland was created a separate political 
district and is not included in the present Irish Free State. 

The only reference to finance In the agrreement Is the statement in 
paragrraph 5, under which the Irish Free State agrees to assume liability 
for the service of the British Public Debt and towards the payment of 
war pensions in such proportions as may be determined as fair and equit- 
able. In default of an agreement, the proportion is to be determined by 
the arbitration of one or more Independent persons being citizens of the 
British Empire. 

VATXOVAXi WXAATM 

Ireland Is primarily an agricultural and stock-raising country, three- 
fourths of its area being well adapted to these industries. The land is 
fertile and easily cultivated. The lfiu>gest single item of export is live 
animals— -cattle, sheep and swine; other important exports are dairy 
products, eggs and poultry. The growing of flax for the linen industry 
has increased rapidly since the practical elimination of Russia as a source 
of supply. 

Ireland is handicapped industrially by lack of mineral wealth.* Coal 
is of inferior quality and production only about 90,000 tons annually; the 
country imports about 4,500,000 tons of coal a year from England. 



The values of imports and exports shown below are as ofncially re- 
ported for all Ireland, no separate figures for the Southern State being 
available. 

Total Imports Total Exports 
Year £ £ 

1920 208,750,000 204.716.000 

1919 168,716,000 176,062.000 

1918 126,016,000 162.981.000 

1917 119.181,000 188.806,000 

1916 104,517,000 107,171.000 

1915 87.267.000 84,468,000 

1914 74,125,000 77.811,000 



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BRITISH EMPIRE 



Of the total imports into Ireland, Great Britain supplied in 1918, 88.1%; 
in 1919. 88.4%; in 1920, 78.3%. Of the total exports from Ireland, Great 
Britain took in 1918. 99.6%; in 1919. 98.9%; in 1920. 99.1%. 



AHB ; 

An annual return of the British Imperial Revenue shows that in the 
financial year 1920-21 Ireland contributed £48.843.000 to the imperial 
revenue or about 4.52% of the total as against £50,615.000 or 4.85% the 
previous year. Expenditures for Ireland in the year 1920-21 were £32,- 
976,000 of which £28,976,000 was for civil government charges. £639,000 
for customs and Excise and Ireland Revenue Departments, and £3,361.000 
for Post Office services. Ireland's contribution to the Imperial Services 
therefore was £16.867,000 or 2.02% of the total for the United Kingdom. 
This amount is arrived at after debiting to local expenditure £3,944,000 
in respect to the bread subsidy, a charge which has now ceased. 

9XBT 

A loan of £1,000,000 was reported to have been granted to the Provincial 
Government in January, 1922, by the Bank of Ireland. In addition to this 
indebtedness, there are outstanding in the United States certificates of 
the former Irish Republican Government (estimated at about 16.000,000) 
which are made payable only after the evacuation of the British Army 
and the recognition of the independence of the Irish Republic A dispatch 
to the New York Herald, December 7th, 1921, reports a statement by the 
personal representative of the former President of the Irish Republic 
that the certificates would be honored by the. Irish Free State and that 
it is planned to give bonds to the holders of these certificates.. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Jamaica 

An Island of the British West Indies, about 90 miles south of Cuba. 
Area, 4,207 square miles, about one-tenth the size of Cuba. Coast dis- 
tricts and hillsides very fertile, interior mountainous. Population esti- 
mated at 893,680 (1920). 

Jamaica is a Crown Colony of Great Britain, administered by a 
Governor, appointed by the Crown, who is assisted by a Privy Council and 
a Legislative Council. The Governor is President of the Legislative 
Council, which consists, of 6 ex-offlcio, 10 appointed, and 14 elected mem- 
bers. The term of the elected members Is limited to five years. For local 
administration, the colony is divided into fifteen parishes governed by 
local elected boards. Women were enfranchised in 1919. The currency 
system is the same as that of Great Britain, but American money is also 
in circulation. 

Chief products of Jamaica are bananas, sugar, Jamaica rum, cocoanut, 
cocoa and coffee. Trade is mostly with Great Britain, United States 
and Cemada. 

Total imports into Jamaica: Jn 1918, £8,876,000; in 1919, £6,086,000; 
in 1920, £10,818.000. 

Total exports from Jamaica: in 1918, £2,686,000; in 1919, £6,627,828; 
in 1920, £7,146,000. 

Government revenues, year ending March 81: in 1919, £1.167,804; in 
1920, £1,802,778. 

Government expenditures, same years: in 1919, £1,228,608; in 1920, 
£1.444.818. 

Public Debt. March 31. .1921, £8,912.674. 

GOV'T or JAMAZOA. 4% BOMD8 

Issued £889,000. Outstanding £27,200. Interest February and August 
16. Agents, Crown Agents for the Colonies. Principal repayable by 
annual installments (commenced 1887) by means of a sinking fund of 1% 
per annum. 

OOTT or JAMAZOA 4% ZV8CBZBBD STOCK (1934) 

Issued and outstanding £1,099,048. Interest February and August 16. 
Agents, Crown Agents for the Colonies. £914,622 issued in conversion of 
4% and 4% Bonds under an option which expired 31st December, 1886. 
£180,100 issued in September. 1892, at an average price of £108 lOs. lOd. 
Repayable at par on 16th August, 1984. Sinking Fund, 1% per annum. 

OO'TT or JAMAZOA 3% ZHS€»XBBD STOCNK (1903-1944) 

Issued and outstanding £200,000. Interest January and July 1. 
Agents. Crown Agents for the Colonies. Issued in June, 1897, at an aver- 
age price of £100 Is. 6d. Repayable at par on 1st July, 1944, with 
Government option of redemption at par on or after 1st July. 1922, on 
six months' notice. Sinking Fund, 1% per annum. Stock transferable 
free of stamp duty. 

OOT^ or JAMAICA 3H % ZHSCBZBSB STOCK (1919-1949) 

Issued and outstanding £1,498,600. Interest January and July 24. 
Agents, Crown Agents for the Colonies. Authorized by Law No. 12 of 

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1899 for the conversion of the 4% First Mortgage Bonds of the Jamaica 
Railway Company and Issued in 1909. Repayable at par 24th January, 
1949, the Government having the option of redemption at par on or 
after 24th January, 1919. on six months' notice. Stock transferable free 
of stamp duty. 



GOV'T or JAMMXOA 6% TMMOaSBBD 8TOOX OF IMO 

Issued and outstanding £170,000. Interest January and July. Due 
1930. Sinking fund 8% per annum. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Mauritius 

An island in the Indian Ocean, about 600 miles east of Madagascar. 
Area, 705 square miles; population, S76,818 (1919). 

Mauritius is a Crown Colony of Great Britain, administered under 
Letters Patent by a Governor aided by an Executive Council of local 
offlcials. There is also a Council of Government, consistinsr of the Governor 
and 27 members, nine of which are appointed by the Governor, ten elected 
under a moderate franchise, and the remainder made up of officials. 
St. Louis, the port of the colony, has a municipal organization. The 
currency system is the same as that of India. 

Chief products of Mauritius are sugar, cocoanut oil and rum. 

Imports in 1919, £3.185,802. 

Exports in 1919, £8.524.164. 

Government revenue in 1919, £920,871. 

Government expenditure in 1919, £980,757. 

M AUmTlUS QOY^ 4% DBBBVTVmXS 

Issued £700,000. Outstanding £10,900. Interest May and November 
16. Agents, Crown Agents for the Colonies, London. Issued March, 1880. 
and subsequently in exchange for 6% Debentures. Repayable at par by 
1928, by means of a cumulative Sinking Fund of 1% per annum, to be 
applied either by annual drawings at par or by purchase. Drawings take 
place in April, repayment being made on 16th May. Bonds in coupon 
form of £1.000. £500 and £100. 

MAXnOTTUB OOTT 4% ZHSOBXBBD STOCK (1937) 

Issued £488,190. Outstanding £482.890. Interest February and August 
1. Agents, Crown Agents for the Colonies, London. The first issue of 
£100,200 was made in July, 1887, at an average price of £100 9s. 2d., 
and £209.800 in March. 1888, at an average price of £107 16& 8d. 
£172,891 in conversion of 4, 4^ and 6% Debentures. Repayable at par 
on 1st August, 1937. Sinking Fund, 1% per annum. Stock is transferable 
free of stamp duty. 

KAirmXTXUB OOTT 3H% nrSOBXBSD 8TOOK (1990-1966) 

Issued and outstanding £160,000. Interest June and December 16. 
Repayable at par 15th December, 1955, with Government option of re- 
demption at par on or after 16th December. 1930, on six months' notice. 
Sinking Fund, 1% per annum. Inscribed stock cannot be exchanged into 
certificates to bearer. Agents. Crown Agents for the Colonies, London. 
Issued in December. 1906. at an average price of £97 Os. 8d. Ranks after 
a charge of £24,000 a year in respect of the gruaranteed loan of £600.000 
raised under the provisions of Ordinances Nos. 4 and 12 of 1892. 

M AUm T lUS GOV'T 8% 2VSOBIBBD STOCK OP 1898 

Issued and outstanding £600.000. Dated January 1. 1898. Interest 
January and July 1. Repayable at par on 1st January. 1940, by the 
operation of a Sinking Fund of 1% per annum, to be applied under the 
direction of the Treasury. Certificates to bearer of £100, £600 and 
£1,000 each. Transfers free of stamp duty. 

Agents, Crown Agents for the Colonies, London. Principal and interest 
guaranteed by the Imperial Government. Issued in January, 1898, at an 
average price of £105 7s. lOd., and secured on the general revenues and 
assets of the Government of Mauritius, with priority over any charges 
thereon not existing on 27th June, 1892. 

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NEW ZEALAND 



104,751 square mUes. VopulatlOB, 1921 (Ceiuius) 1,218.270. 
Owexmueji monetary unit is £ sterliiic=|4.8666 U. 8. Other coins are 
the same as Great Britain. Bank-notes are those of the Bank of New 
Zealand, covered £ for £ in gold. Circulation in 1914, about £2,000,000; 
In 1920 over £6,600,000, in 1921 £4.741,492. 



TomMEom ooi 

(U. S. Dollars.) Per 

Per Cent Cent. 

Total • Imports from Total Exports to 

Year Imports from U. S. U. S. Exports to U. S. U. S. 

1921.. See Note •28,072.000 •9,839,000 

1920.. 298,890,000 •48,764,000 ... 225.818,000 •25,568,000 

1919.. 148,000,000 ^28,171,000 ... 161.000,000 •21,329.000 

1918.. 117,436,000 26,632.000 22.7 134.926.000 19,605.000 14.5 

1917.. 101,804.000 18,988,000 18.6 158,769.000 9,219.600 6.0 

1916.. 121,883,000 21.212.000 17.4 155,908.000 9.524,000 6.1 

1916.. 104,486.000 12.664,000 12.1 142,475,000 3,991,000 2.8 

1914.. 106.368.000 11,110,000 10.4 127.801.000 5,003,000 3.9 

1913.. 108.466,000 10,259,000 9.5 111,865.000 4,840.000 4.8 

1912.. 102,082.000 9,976.000 9.8 103,622,000 3,007,000 2.9 

If 11.. 95,120.000 8,186.000 8.6 92,602.000 2,116.000 2.8 

•Figrures of the U. S. Department of Commerce. 

Above flfiTures are frontier values based on invoices, c. i. f. for imports 
and f. o. b. for exports. 

Official New Zealand figureB of total trade are as follows: 

Total Imports Total Exports 

Tear £ £ 

1920 61,596,000 46,442,000 

1919 30.672,000 53,970,000 

1918 24.237,000 28,516.000 

1917 20,919,000 31.688.000 

1916 26.339.000 33.287,000 

1914 21,856.000 26.261,000 

1913 22,288,000 22,987.000 



QOYmmanasMT jjtd ttmaxcm 

New Zealand is a self -governing dominion of the British Empire. The 
Governor General, appointed by the Crown, has the power of assenting to 
or withholding assent from legislation or of referring approval to the 
Crown. The Legislature consists of a General Assembly or Parliament of 
two chambers — a Legislative Council and a House of Representatives. 
The Legislative Council in 1920 had thirty -seven members who were 
appointed, with the exception of one life member, for a period of seven 
years. Provision is made by the Legislative Council Act, 1914, for the 
ultimate creation of an elective Upper Chamber, but the date at which the 
act is to become effective was not fixed in 1920. The House of Representa- 
tives is composed of 76 members for European electorates and four for 
native (i. e. Maori) constituencies. The franchise Is a broad one and 



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KIMBER'S REX^ORD OF GOVBRNMBNT DEBTS 

with certain minor exceptions, any registered elector, male or female, 
is enable for election. As in the United States, Canada and Australia, 
revenue bills must originate in the House of Representatives. 

For Local Administration. New Zealand is divided into counties (con- 
stitutingr largrely the rural districts) and borougrhs. The counties are 
subdivided into ridings. There are also about Sf independent towns and 
a number of road, river, drainage, water supply, etc, districts. These 
local self-governing bodies have independent taxing and borrowing powers. 



mxvmmvm ahb xxnaroxnraa 

Year Ended Actual Actual 

March 81 Revenue Expenditure 

£ £ 

1921 84.192,986 28,068,781 

1920 26.081,840 28.781.924 

1919 21.996.000 18.674,000 

1914 11.961,000 11,826.000 

The above figures cover the revenue and expenditure of the Consoli- 
dated Fund only. Other activities of the Oovemment. such as the 
Public Works P*und, the State Advances. Public Trust and Oovemment 
Insurance Offices are not financed out of the Consolidated Fund but are, 
separate and distinct from it. 

VATZOVA& TUBLia DXBT 

As of March 81. 1920. the External Debt was £99,098.978; Internal 
Debt £102.070.777; Total Debt £201.170,766. A considerable portion repre- 
sents productive undertakings, the official classification being: Repro- 
ductive. £87,669,624; Investments, £46,846,606; Indirectly Reproductive. 
£18.986.146; Not Reproductive, £108.169,481. The reproductive debt is 
represented by Railways, Telegraphs, Telephones (all State-owned), State 
Coal Mines, State Electric Supply, etc These services pay interest 
and sinking fund charges from their own revenuea 

The Government owns 2,988 miles of railways on which there had 
been expended for construction and equipment to March 81, 1919, £86.- 
168.000. Operating Results for year, March 81, 1919; Revenues, £4,988.632; 
Expenses. £8,808,676; Net revenues, £1,680,067. 

Government Bond Issues in Detail 

VBW BBA&AVD OOT^ 4% OOmiO&ZBATSD STOCK (1929) 

Issued and outstanding £80,100,402. Interest May and November 1. 
Issued as follows: £6,871,200 In 1880-1881 for conversion of the 5% 
loan of 1879; £8.067,800 offered by tender, 1888, 1884, 1886. 1886 and 
1888; £16.711,302 Issued between 1888 and 1892 in conversion of other 
loans; and £200,000 in 1915. Repayable at par 1st November, 1929. 
Stock transferable free of stamp duty. All payments in London at the 
Bank of England. 

VBW BBAAAHD QOY*T 3H% STOCnK (1940) 

Issued and outstanding £17,668.932. Interest January and July 1. 
£2,700,000 offered for tender in October, 1889, at a minimum price of 
9&%, for the purpose of paying off the 6!% Loan of 1879 and the 6% 

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BRITISH EMPIRE 



10-40 Loan of 1878. Avera^ price obtained, £96 16s. 80. The balance has 
been Issued from time to time In conversion of Debentures (£1»017,672 
during the year 1012). Repayable at par 1st January, 1940. Stock trans- 
ferable free of stamp duty. All payments In London at the Bank of 
England. 



L4VD QoypT z% xmwoaaxmD srocnK (1945) 



Issued and outstanding £9,659,980. Interest April and October 1. 
£1,600,000 Issued in Bfay, 1896, at an averagre price of £94 8s. 9d. 
£26,620 In 1896, in conversion of £24,200 Debentures; £60,000 In June, 
1909, and £4,108,859 for various conversions. (£2,886,696 is held on 
behalf of certain public trust funds in the Colony as an investment, and 
win not be placed on the market for sale without previous public 
notification.) £1,000.000 Issued in February, 1889. at an average price 
of £96 lis.; £1,500.000 in November. 1901, at £94; £1,260.000 In Febru- 
ary, 1908, at £94 10s. £240,000 issued under the Government Advances 
to Settlers Acts, and £35,000 under the Aid to Public Works and Land 
Settlement Act, 1899. Repayable at par Ist April, 1946. Stock transfer- 
able free of stamp duty. All payments in London at the Bank of England. 

VBW WMAXmMJKB OOTT 4% STOCK 

Issued and outstanding £10.884,628. Interest February and August 1. 
Registered or Coupon bonds, of which £3.000,000 was issued in February, 
1918, through U>e Bank of England at 98. £1.342.500 was issued by subse- 
quent creations under deed poll. £1.952.128 was issued in conversion of 
a portion of the undermentioned debentures of 1913, and £4,590,000 in 
entire conversion at 102% of £4,600,000 4% ten-year convertible deben- 
tures, issued in January, 1914. Principal is repayable at par February 
1, 1968. The grovemment, however, may redeem at par on or after Febru- 
ary 1. 1943, on three months' notice. The stock is trusted with the Bank 
of England, and is transferable free of stamp duty. All pajrments In 
London at the Bank of England. 



SBA&AMD QO'VT 4% lO-TSAB 9BBXVTUBSS 

Issued £8,600.000. Outstanding £1.667,200. Interest February and 
August 1. Issued in October, 1918, throukh the Bank of England, at 
the price of 98 H%. The debentures are of £100, £600 and £1,000 each, 
have coupons payable February 1 and August 1, and are redeemable at 
par on August 1, 1928. All payments in London at the Bank of England. 

Holders had the option of conversion Into New Zealand government 4% 
Inscribed stock (1943-63) at the rate of £101 of stock for every £100 
of debentures, at any time prior to August 1, 1918, while applicants who 
signed an undertaking to convert their allotments as soon as fully paid 
into the above-mentioned stock received preferential consideration, and 
those who paid up in full and converted their allotments by December 
30, 1918, received a full six months' int £1,932.800 have been converted 
into stock, leaving the amount outstanding of debentures, £1,667,200. 



SBA&AMD OOTT 4H% OP 1916 

Issued and outstanding £2,000,000. Interest May and November 6. 
Issued in New Zealand November, 1915, at par. Interest free of income 
tax and holders may claim principal payments at the end of five, ten. 



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KIMBER'8 RECORD OF GOVERNMENT DEBTS 

fifteen, twenty or twenty-flye years. Payments at State Treasury WeUlnc- 
ton. N. Z. 

To bearer in denominations of £100, £600, £1,000, £6,000 and £10,000. 
Interest at i% for £58.800 issued in Liondon. Interest payable at High 
Commissioner's office, 416 Strand, W. C 2. 



nW BBA&AVD 4H% WAB &OAV OV BXVT 1, 1916 
(First Wav Koaa) 

Due Sept 1, 1941. Issued and outstanding £8,000.000. Interest March 
and September 1, in New Zealand. Redeemable on and after Sept. 1, 
1930. Subscriptions were received during August, 1916, at 100 to yield 
4.50%. 



HSW mWATiIWP QOVT 4H% WAB &OAV OP UMFT. 8, 1917 
(Secoiid Wav ^oaa) 

Due Nov. 15, 1988. Issued and outstanding £12.000,000. Interest May 
15 and Nov. 16 free of exchange at the Treasury at Wellington, or in 
London, or in Australia as may be arranged. Principal payable at the 
Treasury at Wellington. Principal and interest free of taxation. Coupon 
bonds. £100 and upward, and Inscribed Stock £100 and upward, and 
non-transferable stock accepted by the Qovemment in payment of death 
duties. Not redeemable before maturity. Subscriptions* were received 
during September. 1917, at 100 to yield 4.60%. 

Legal Tender Privilege, of the total amount of £12.000.000 authorized 
£1.000,000 was set aside in the form of non-transferable stock to be 
accepted in payment of New Zealand death duties. This stock was 
exchangeable at the Treasury for other available securities. 

HSW BSA&JJTD OOY^ 4H% WAB IkOAV OF 1918 
(Tlilrd Wav KoaiL) 

Due twenty years from date of issue. Issued and outstanding £9,- 
500,000. Interest April and October 1 at State Treasury. Wellington, 
N. Z. Free of income tax. Subscriptions were received from April 8 to 
April 8, 1918, at par. As an alternative the Government offered Post 
Office War Loan stock, maturing in ten years, with interest at 6% subject 
to income tax; but this form of stock was limited to persons whose total 
subscription did not exceed £600. 

HSW BBA&AV1> OOT^ 6H% IHTBmVAI^ IkOAV OF 1990 

Issued and outstanding £4,600,000. Repayable in 12 years. Interest 
sbbject to income-tax. Loan issued in inscribed stock, bearer bonds and 
Post Office Certificates. Issued for repatriation purposes, chiefly for 
settlement of soldiers on the land. Subscription closed November 26, 1920. 



' TMAJLAMD QOVT S% IVSOBIBBD STOCK 1938-51 

Issued and outstanding £5,000,000. Interest February and August 1. 
Dated August 1, 1921. Principal repayable at par on August 1, 1961. 
RedeemaUe at par at the option of the Government on or after August 1, 



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BRITISH EMPIRE 



1986, upon 8 months' notice. All payments at the Bank of England. 
Denominations £100 and multiples. Registered form only. Transferable 
free of stamp duty. 

Proceeds of this issue were expended chiefly for rolling stock and other 
railway material; also for electrical equipment, all purchased in the United 
Kingdom. 

Offered for public subscription in London in June, 1921. at 96, sub- 
scriptions being accepted in instalments. 



SOVTK&AVB VOVMTt WLBQVajO FOWSB BOJJKD 6% 

19ai-19M 
(CKuuraatMd bj the Vtm Mealmd Ooreniment) 

Issued and outstanding £750,000. Interest March and September 16. 
Dated September 16. 1981. Principal repayable at par September 16, 1964, 
for which a sinking fund is provided. Redeemable at par on or after 
September 16, 1986. All payments at National Bank of New 2Sealand, Ltd., 
London, or branches in New Zealand. Non-residents not subject to New 
Zealand taxes, present or future. Debentures to bearer of £100 each. 

An obligation of the Southland EHectrlc Power Board, guaranteed un- 
conditionally principal and interest by the New Zealand Qovemment. The 
Board has no capital indebtedness other than this issue, and has power 
to levy rates on property in its District valued at £35,600.600. Population 
served. 66,460. 

Offered in London in August, 1921, at 96, by the National Bank of New 
Zealand, Ltd., Lloyds Bank. Ltd., and C. Birch Crisp & Co. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

NEWFOUNDLAND 

Area of Newfoundland is 42.000 square miles and population about 
260,000. The island is lar^ly barren and marshy, only a small part of it 
being suited to agriculture. 

Labrador, a dependency of Newfoundland, has an area of 120,000 square 
miles, and a population of 4.000. Its value to Newfoundland is in the 
fishing rights off its coast. 

Newfoundland is not a part of Canada, but an independent colony 
of Great Britain. The government is administered by a Governor (ap- 
pointed by the Crown), assisted by an E^xecutive Council (not exceeding 
9 members), a Legislative Council (not exceeding 24 members) and an 
elected House of Assembly consisting of 86 representatives. For electoral 
purposes, the whole colony is divided into 18 districts or constituencies. 



VATUBAK BSSOUmcnM OP VXWTOinro&AVD 

Official British reports state that Newfoundland possesses the third 
largest hematite (iron) deposit in the world, also important deposits of 
copper, lead, psrrltes. chromite, manganese and other minerals. Very little 
development work has been done except in iron. 

Biineable coal appears to amount to some 2,000,000 tons, not worked. 
Newfoundland imports the coal she uses. 

Forest wealth is large, timber and wood pulp being important items in 
her exports. There are about 800 lumber mills in operation. 

Fisheries are Newfoundland's chief source of income; the majority of 
the population is employed directly or indirectly in this industry. 



Overseas trade of Newfoundland for a series of years is shown in the 

subjoined table. The currency of Newfoundland is based on the gold 
dollar, of the same value as the United States dollar. 

Total Total 

Tear ended June 80 Imports Exports 

1921 128,910.000 |22.441,000 

1920 40.583.000 84,865.000 

1919 88.297,000 86.748,000 

1918 26,893.000 30.054.000 

1918 16,012,000 14.678.000 

In normal years Newfoundland enjoys a substantial excess of exports 
over imports, enough to create foreign credits of sufficient amount to 
meet her foreign obligations. 

Trade of Newfoundland with the United States, as reported by the 
United States Department of Commerce, is as follows: Exports from 
Newfoundland to the United States, in 1919. 15,361.000; in 1920. 12.545,000; 
in 1921, 11,889.000. Imports into Newfoundland from the United States, 
in 1919, 115,190,000; in 1920. $12,723,000; in 1921, |6.608.000. 

During the war Newfoundland's exports of the products of her fisheries 
were greatly increased because her chief competitors. France, Norway, 
Iceland and North Britain, were unable to do much fishing in the North 
Sea. During the war period Newfoundland did a large export business in 
cod fish with Portugral, Spain, Italy and Greece, but since the re-entrance 
of European competitors into this field sales of Newfoundland fish in 
these countries have greatly declined. 

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ikOTmBMUMMT MMTMMm AHB 

The chief source of revenue for the Oovemment of Newfoundland Is 
the customs duties. Figures for recent years are as follows: 

Year ended June 80 Revenues ESzpendltures 

1920 110.697.562 19.247,007 

1919 6.531,840 5.865.440 

1918 6.725.231 5,564,603 

1917 5,206,648 4.654.891 

For many years actual revenues have exceeded actual expenditures by 
a substantial margin. , . 



The public debt of Newfoundland as of June 80. 1921, stood as follows: 

Total funded debt 147,688.086 

Less: Sinking: fund 11.018,878 

Loans to municipalities... 1,447,094 

2.466,972 

Net funded debt 145,067.068 

Practically all of this is external debt. It averages about |180 per 
capital. The 16.000.000 bond issue sold at New York in March, 1922. 
increases the flgure to over |200 per capita. 

The Oovemment of Newfoundland owns 902 miles of narrow gauge 
railway being the only railway system of the Island. These lines were 
completed in 1901 and leased for 60 years to the Reid Newfoundland 
Company, a Montreal concern, under a contract by which the Reid Com- 
pany operates the lines and accepts payment therefor in lands, while the 
Colony agrees to pay the Reid Company certain sums for equipment and 
betterments when' the lines are returned to the Oovemment in 1961. 
In the summer of 1920, the Reid Company notified the Oovemment that 
Its losses in recent years had been so heavy that it could not continue 
to operate the lines unless assisted from the public funds. Operation of 
the roads was then taken over by a commission appointed by the Oovem- 
ment but on which the Reid Company had equal representation with the 
Oovemment, but this scheme proved more expensive than private opera- 
tion, and by June 80. 1921, the Colony found that it had lost over |1.- 
600,000 on the venture although the Reid Company had contributed $100,000 
in cash to reduce the deficit for the year. 

A new arrangement was then made with the Reid Company by- which 
operation of the lines was taken over by them, the Oovemment undertak- 
ing to advance another 11,500.000 towards operating costs for the twelve 
months. July 1, 1922 to June 80, 1923. 

This railroad situation is the most serious fiscal problem with which 
Newfoundland has had to deal, and is responsible in large measure for 
the successive increases in the public debt of the Colony. 



POTOB^AVD OOT^ 4% ZHSOBIBSD STOCK (1913-1938) 

Issued and outstanding £320,000. Interest January and July 1. 
£286,000 issued in July, 1888, at an average price of £102 5s. 7d., and 
£86.000 in July. 1889. at an average price of £104 15s. Repayable at par 
9th May. 1988, or, at the option of the Oovemment. after 9th May, 1918, 
on twelve months* notice. Transfers made free of stamp duty. Agents, 
London County, Westminster and Parr's Bank, Limited. London. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



Hswromrs&AVD oot^ 4% zmcmiBXD stock (Imb) 

Issued £650.000. Outstandinir £868,522. Interest January and July 1. 
Issued In June, 1896, at an average price of £99 2s. 6d. Repayable at 
par In forty years by the operation of a cumulative half-yearly Sinking 
Fund of £6.700 per annum. Issued by Glyn» Mills. Currie & Co. Stock 
transferred free of stamp duty. 

nw70inn>&AVD oot^ 4% oovsoxjdatsd stock (idse) 

Issued and outstandingr £200.000. Interest January and July 1. Issued 
by Glyn. Mills, Currie & Co. In August. 1896, at 114%. Repayable at 
par 8l8t December, 1936. Sto^ transferred free of stamp duty. 

nwrommuLVD qoy*t 3H% btbb&zho bovdb (1941, 1947 ahb 

1948) 

Issued and outstanding £1,852,800. Interest January and July 1. 
Repayable at par, £706,200 on 1st January, 1941; £924.600 on 1st Janu- 
ary, 1947; and £84,000 on 1st June, 1948. Bonds In coupon form of £100. 
Agents, London County. Westminster and Parr's Bank. Limited. 

Issued £419,200 In June, 1893. at £91 10s. per Bond; £280,800 in 
May, 1894, at £89; £492,600 in May. 1896. at £96 lOs.; £200,000 in July. 
1898, at £96 10s.; £371,300 In March, 1902, at £90 10s. Issued partly 
by the Bank of Montreal, and partly to Sir R. G. Reid in payment for 
certain sections of the N. F. Ry. 

VSWromfBlkAJID OOT^ 3H% STBBUOrO BOVD8 (1961) 

Issued and outstanding £466.000. Interest January and July 1. 
Agents, Glyn, Mills. Currie A Co., London. Issued in September, 1901, 
at 93%. Repayable at par 1st October, 1961. Bonds in coupon form of 
£100. 

VBWrOTOD&AVD QOY*T 8% BTSBXiZVO BOVD8 (1947) 

Issued and outstanding £325,000. Interest January and July 1. 
Agents, Frederick Huth A Co., London. Issued (in payment for the 
property and franchises of the Newfoundland Railway Company) In 
October, 1897, at 88%% (£165,800 to holders of Newfoundland Railway 
Debentures). Repayable at par 1st January. 1947. Bonds in coupon 
form of £100. 

MEWrOinrD&AVD OOT^ 3H% XVSOmZBBD STOCK or 1906 

Issued and outstanding £390.500. Interest January and July 1. Issued 
in September, 1905, at 96%, to provide for the payment of the amount 
required under the Award of Arbitration for the Government System of 
Telegraphs taken over from the Reld-Newfoundland Company, and for 
further telegraph extension. Repayable at par July 1. 1946. Stock trans- 
ferable free of stamp duty. Agents. Glyn, Mills, Currie A Co., London. 

KaWFOVKDl^AJID GOV'T 3H% ZKSCBZBXS STOCK OF 1910 (1960) 

Issued and outstanding £800,000. Interest January and July 1. Issued 
by Glsm, Mills, Currie & Co., in July, 1910, at 97^%, and repayable at 
par on 1st January, 1960. Stock transferable free of stamp duty. 

KBWrOVKD&AVD OOTT 3H% XVSCKZBBD STOCK, 1919 (1969) 

Issued and outstanding £400,000. Interest January and July 1. Issued 
by Glyn. Mills. Currie & Co., In July, 1912, at 93%, and repayable at par 
on 1st January. 1952. Stock transferred free of stamp duty. 



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BRITISH EMPIRE 



irBwroinn>&AVD oot^ tzotobt i^oav e% bovbs (1918) 

Issued and outstanding: £2,000,000. Denominations from |60 to |500. 
The terms and conditions of the issue are similcu' to those of the 
Canadian Victory Loans. The bonds are redeemable, the maturity period 
bein? ten years, except in case of the bonds of |500 denomination, which 
is twenty years. 

HSWFOVVDXJOrD OOT^ 6H% lO-TSAB WAB BOVD0 

Issued and outstanding: |4,000,000. Interest January and July 1. Dated 
June 1, 1918. Due June 1, 1928. Principal and interest payable in sold 
in Toronto, Montreal, New York or St John's* Newfoundland, at the 
holder's option. Coupon bonds, in denominations of 1100, |500 and 11,000. 
Exempt from all present or future taxes imposed by the Newfoundland 
LfO^slature, including: any income tax. OfCere<r at par and interest by a 
syndicate composed of Dominion Securities Corporation, Ltd., Wood, 
Gundy & Co., and A. E. Ames & Co., all of Toronto. 

BBWFOVBB&ABD WTrT 5H% aO-TBAB OOU> BOMBS (1919-1939) 

Issued and outstanding 15,000,000. Interest January and July 1. Dated 
June 1, 1919. Due July 1, 1989. Bonds In coupon form, regristerable as 
to principal, in denominations of |1,000, |500 and |100. Principal and 
interest payable in grold at the Bank of Montreal, In Toronto, Montreal, 
Cemada, and St. John's, Newfoundland, or at par of exchange at the Bank 
of Montreal in London, Englahd, or at the Agency of the Bank of Montreal 
in New York City, at the holder's option. Exempt from all present and 
future taxes, including: any income tax imposed by the Government of 
Newfoundland. Proceeds of the issue used for retirement of 16,000,000 
Newfoundland Government 5% 8-year Bonds which matured in New 
York. July 1, 1919. Issue offered by Messrs. Wood, Gundy & Co., at 
100 and Interest yielding 5%%. 

BBWrOUBBBABB CM>T'T 15-TBAB BH^t 1921-1936 

Issued and outstanding |4.500,000. Dated June 1. 1921. Interest pay- 
able June 80 and December 81. Principal and interest payable in U. 8. 
gold In New York agency of the Bank of Montreal; in St. Johns, New- 
foundland; also in London In Sterling at par of exchange. Free from all 
Government of Newfoundland taxes. Denomination, coupon |1,000, regls- 
terable as to principal. 

Offered May, 1921, by Dillon. Read and Co. and Lee. Hlgglnson and Co.. 
at 98% and Interest yielding 7.20%. 

BBWrOUBBBABB OOT^ 20-TBAB SH^t 1992-1948 

Issued and outstanding 16,000,000. Dated March 1. 1922. Due July 1. 
1942. Not redeemable before maturity. Interest payable January 1 and 
July 1. Principal and interest payable in New York in United States gold 
coin at the Agency of the Bank of Montreal; in Toronto and Montreal, 
Canada; in St Johns. Newfoundland; also in London. England, in Sterling 
at par of exchange. Exempt from all Newfoundland taxes, present and 
future. Coupon Bonds of 1 1,000. reglsterable as to principal. 

A direct obligation of the Government of Newfoundland, but not 
specifically secured. 

OfCered in the United States in March, 1922, by Dillon, Read & Co. 
and Lee, Higginson & Co. at 101 and interest to yield 6.40 per cent. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



Nigeria 



Nigeria has an area of 886,000 square miles, being: about four times 
as large as the States of New York and Pennsylvania combined. Popu- 
lation in 1921 was estimated at 17,500,000. Nigeria gets its name from 
the River Niger, which flows through it. The colony lies on the west 
coast of Africa, somewhat east of Liberia and the Ivory Ck>a8t. 

Nigeria Is a British possession under the name of "Ck>lony and Pro- 
tectorate of Nigeria." The boundaries of the "Colony" and the "Pro- 
tectorate" are separate, but the two are essentially under one government. 
On January 1st, 1911, the Executive Council of the Colony was made the 
Executive Council of the Protectorate also. The Colony is administered 
by a Governor, appointed by the Crown. For administrative purposes 
the Protectorate is divided into the ''Northern Provinces," and the 
"Southern Provinces," each under a Lieutenant Governor appointed by the 
King, but subject to the control and authority of the Governor of the 
Colony. The Colony and Protectorate have no legislative body; the 
Nigerian Council, consisting of executive ofllcials, representatives of local 
commercial organizations and appointed native and European members, 
is an advisory and deliberative body only. Lagos, the principal port, has 
a Legislative Council consisting of the Governor, six official and four 
unofficial members. 

Chief products of Nigeria are palm oil, rubber, ivory, hides, nuts and 
various drugs; it is a good market for cotton goods, hardware and other 
manufactures. It is one of the richest undeveloped territories of the 
British Empire. The Government is actively promoting the construction 
of harbor works, roads and railways, and the improvement of water 
transportation. 

Total Imports in 1919, £12.016,800, in 1920, £17,000,000. 

Total Exports in 1919, £14,726,000; in 1920, £16,987,000. 

Government Revenues, 1919, £4,969,428. 

Government Elxpenditures, 1919, £4,629,176. 

Public Debt. December 81, 1921, £18.246.000. 



WXOBBZA 3H% XVBOBXBBD BTOOX (1930-1955) 

Issued and outstanding £4,046,693. Interest March and September 16. 
Repayable at par 16th March, 1966. with Government- option of redemption 
at par on or after 16th March, 1980, on giving six months' notice. Sinking 
Fund, 1% per annum. Stock transferable free of stamp duty. Agents, 
Crown Agents for the Colonies, 4. Millbank, Westminster, S. W. Issued 
£2.000,000 in February, 1906, at 97 %, balance made up. of 4% bonds con- 
verted» and £99,232 created to cover loan issue expenses. 

WXOSmXA 6% ZV80XZBSD STOCK, 1949-1979 

Issued and outstanding £6,200,000. Interest June and December 16. 
Principal repayable at par on December 16, 1979, by a sinking fund of 
12s. 6d. % per annum, to be formed under the management of the Crown 
Agents, who are appointed Trustees, but the Government of Kigeria will 
have the option of redemption at par on or after December 15, 1949, on 
giving six months' notice. The loan is secured on the general revenues 
and assets of the Colony of Nigeria. Agents. Crown Agents for thfe 
Colonies, London. Offered for subscription at par by the Crown Agents 



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BRITISH BMPIRS 



for the Ck>lonl6s in November, 1919. The loan was issued to redeem the 
outiltandinff B% i-year bonds fallingr due on June 16, 1920 (£4,426.000). 
and to defray a portion of the cost of oonstructinflr the Nigerian Eastern 
Railway. 



VXOBBZA QQfTT 6% ZVSOBIBBB STOCK, DVX 1986-46 

Issued £8,000,000. Dated October 16, 1921. Due October 15. 1940. 
Interest April and October 16. All pajrments at the Crown Agents for 
the Colonies, London. 

Principal repayable at par on October 16, 1946, by a sinkinflr fund of 
not le>w than 1% per annum, to be formed under the manasrement of the 
Crown Agents, Trustees; but the Government of Nigeria has option of 
redemption at par on or after October 16, 1986, upon 6 months' notice. 
Denominations, coupon £100, £600 and £1.000; registered. £100 and 
' multiples. 

Proceeds used for Railways. Harbor, and other public works. Offered 
in London at 97%, on October 17, 1921. 

Sierra Leone 

A British Crown Colony, lying immediately north of Liberia. Area 
about 4,000 square miles. Population about 80.000. Chief products are 
palm oil, nuts and ginger. 

Imports in 1919. £2.128.334; exports. £2.101.569. 

Government revenue In 1919. £748.779; expenditure, £740.888. 

Public Debt. December 31. 1921, £1,729,848. 



&Bon 8H% nrsomiBBP sroox (i9S6-i954) 

Issued and outstanding £729,848. Interest June and December 1. 
Repayable at par 1st June, 1964, by a Sinking Fund under the manage- 
ment of the Crown Agents, who are appointed trustees, but the Govern- 
ment of Sierra Leone will have the option of redemption at par on or 
after 1st of June, 1929, on six months' notice. Stock transferable fre.e of 
stamp duty. Agents, Crown Agents for the Colonies, 4, MiUbank, West- 
minster, S. W., London. Issued in exchange for Debentures on terms as 
given above. 



xoon 4% jmrnamaMD wroam (i988-i668) 

Issued and outstanding £1,000,000. Interest June and December 15. 
Due June 16, 1968, and payable from a sinking fund of 1%, Redeemable 
at par on six months' notice on or after June 15, 1988. In denominations 
of £1,000. £600 and £100 in coupon or registered form. Agents, Crown 
Agents for the Colonies, 4. Millbank. Westminster, S. W., London. Issued 
through the Crown Agents in December, 1918, at 97 for redemption of 
4H% convertible debentures, holders of which were offered preferential 
rights of allotment on the 4% stock. 

Straits Settlements 

The Straits Settlements, consisting of Singapore, Penang and Malacca, 
comprise territory on the western coast of the Malay Peninsula and certain 
islands adjacent thereto. Area. 1,660 square miles; population (1921) 
883,769. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

The Straits Settlements Is a Crown Colony of Oreat Britain, adminis- 
tered by a Grovemor, assisted by an Executive Council, composed of ap- 
pointed colonial officials. There is a Legislative Council, presided over by 
the Governor, consisting^ of ten official and eight unofficial members, ap- 
pointed by the Crown. There are municipal ^verningr bodies in each 
settlement, the members of which are appointed by the colonial grovernor. 

Chief cities are the seaports of Slngrapore and Penangr* Tonnagre of 
merchant vessels arrlvingr and departing: from these ports in 1919 warn 
18,886,188, and in 1920, 24.027,912 tons. The Straits ports are free from 
duties on Imports and exports, and do a largre transit trade. 

Chief products of the Straits Settlements are rubber, tin and spices. 

The currency system is based on the Straits Dollar, a silver coin of 
416 firrams .900 fine. Government currency notes are also in circulation. 
The exchange value of the currency fluctuates with the price of silver; 
value of the Straits dollar at New York in 1919 was about 65 cents, in 

1920 about 46 cents, at December 81, 1921, 42 cents. 
Foreigm conunerce in recent years was as follows: 

(In Straits Dollars — see above) 

Total Imports Total Exports 

1921 614.000,000 682,000,000 

1920 -, 1,066,000,000 879.000,000 

1919' 884,706,000 874.766.000 

The forelgrn commerce of the colony has steadily increased. While the 

1921 flgrures show a serious decline from 1920, this is partly due to de- 
creased prices. Moreover, upon examination of the trade figures for tb« 
18 pre-war years, 1900 to 1918, It is seen that the average increase in 
the value of imports was at the rate of 8,59 per cent, per annunu Had 
this rate of increase been maintained from 1914 to 1921, inclusive, the 
Imports of the Straits Settlements for 1921 would have been 1608,000,000 
Instead of 1614.000.000, and exports would have amounted to 1476.000.000 
Instead of 1582,000,000. It is evident, therefore, that, seriously as this 
trade decreased in 1921 from the 1920 figures, as compared with 1918 (the 
last complete pre-war year), it shows a more than normal increase. 

Government Revenue in 1919, £3,979,821. 
Government Expenditure in 1919, £4,071,811. 

SrmAZTS BBTTZAMSirTS 3H% ZmK»ZBBB BTOOX (1987-1967) 

Issued and outstanding £6,918,868. Interest May and November li. 
Agents, Crown Agents for the CJolonies, 4, MiUbank, Westminster, 8. W. 
Issued £2.7f^<^n00 in October, 1910, at 96^%, and the balance from time 
to time in exchange for 4% Convertible Bonds. Repayable at par 16th 
May, 1967, by the operation of a Sinking Fund of 1% per annum, with 
Government option of redemption at par on or after 16th May, 198T« on 
giving six months' notice. 



•rmAXTS WMTTKEMMMTB BM% QVMMAMTmMD SOAV OT 1918 

Issued and outstanding 128.656,700 Straits currency. Interest January 
and July 1. Due 1928. Principal and interest are guaranteed by the 
British Ck>vemment and are payable in sterling at the fixed rate of 2s. 4d. 
to the Straits dollar. 

The proceeds of this loan were lent to the British Government for 
prosecution of the War 1914-1918, and since September, 1921. the Interest 
pairments have been a charge upon the Consolidated Fund of the United 
Kingdom. 



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BRITISH EMPIRE 



BVTB 7% OrTBmVA^ JbOAM OF 1921-1986 

Authorized, $20,000,000 Straits Currency. Issued and outstanding 

Interest May and November 1 at Singapore, free of 

all taxes otlier than death duties. Principal repayable at par May 1, 1926. 

Offered at par in May, 1921, by the Hong Kong & Shanghai Banking 
Corporation. 

SXmAZTB SBTT&BMSSTS 6% ZV8CBZBSD 8TOOK 1921, DVB 1936-61 

Issued and outstanding £6,165,000. Interest June 1 and December 1. 
Dated December 1, 1921. Due December 1, 1961. All payments in sterling 
at the Crown Agents for the Colonies. London. Denominations, £100 
and multiples, inscribed stock and certificates to bearer. 

Repayable at par December 1, 1961. by a sinking fund of not less than 
1% per annum, formed under the management of the Crown Agents, who 
are appointed Trustees, but the Government retains the right to redeem 
at par on or after December 1, 19S6, upon six months' notice. Transferable 
free of stamp duty. 

This loan is the first instalment of an issue to produce a total of 
£10,000,000. plus the cost of iBSue, and is for the purpose of re-loan to 
the Federated Malay States Government, partly to enable that Govern- 
ment to repay the debt due to the Government of the Straits Settlements^ 
but chiefly to pay for large railway, harbor and other public works now 
being constructed or to be constructed during 1922. 1928 and 1924. 

Secured upon the general revenues and assets of the Government of 
the Straits Settlements, but an Act has been passed in the Federated Malay 
States pledging the repayment of the loan and the loan charges from the 
revenues of the latter Government. 

Offered December. 1921, by the Crown Agents for the Colonies, Iiondon, 
at 97%. 



Sudan (Anglo-Elgyptian) 



The Sudan is a British Protectorate, lying south of Egypt It has an 
area of 1,015.000 square miles, or about one-third that of the United 
States. Population is estimated at only 8.400,000. 

Under the terms of a convention between the British and Egyptian 
Governments, signed at Cairo, January 19. 1899, it was provided that the 
administration of the territory south of the 22nd parallel of latitude should 
be under a Governor-General appointed by Egsrpt with the assent of Great 
Britain. In 1910 a Governor-General's Council was created to assist in 
the discharge of executive and legislative powers. The Governors of the 
fifteen provinces constituting the Anglo-Egsrptian Sudan are British oflloers 
of the Egyptian Army employed under the Sudan Government or British 
dvll oflloials of the Government. Liocal administration is carried out 
through British Inspectors in charge of one or more districts into which 
the provinces are subdivided, these units being supervised by the District 
officials who are in most cases Egyptian army oOlcers. All ordinances, 
laws and regulations are made by the Governor-General in Council and 
are announced by proclamation. 

The currency of the Sudan is the same as that of Egypt, which see. 

The Sudan is the chief source of the world's supply of gum arable and 
ivory; it also produces cotton, rubber and gold. The great problem in 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

the development of the country is the control of the River Nile, in con- 
nection with which the irrigration works have been carried on, and the 
buildingr of railroads and other means of transportation. 

Total Imports: in 1919. £4,806,000; in 1920, £7,006,800; in 1921, 
£5,806,070. 

Total Exports: in 1919. £8.029,000; in 1920, £6,076,000; in 1921, 
£2,818,000. 

Government Revenue in 1920. £4.426,840; Expenditure, £8,664,^48. 



■VBAir QOYmmMMMMT 6H% QVMMAMTMMD BOMINI 

Issued and outstandingr £8,600,000. Interest May and November 1. 
Issued at £95 10s. by the Bank of Engrland, for expenditure on revenue- 
producingr irrigation and railway properties. The bonds are repayable not 
later than November 1. 1959. at 106, by a cumulative sinking fund, com- 
mencing November 1. 1929, while the Sudan Government reserves the 
right to redeem at 106 on or after November 1, 1989, on three months' 
notice. The issue is secured on the general revenues and assets of the 
Sudan, with priority over subsequent charges. Bonds are to bearer and 
registered, in denominations of £100, £500 and £1,000. Interest guar- 
anteed by the Imperial Government under the Government of the Sudan 
L.oan Act. 1919. 



■VBAir CM>'rT 5H% OVABA3ITBBB BOV98, DVX 1960 
(ChuuraBteed bj thm Bxltlsh OoTsnunsiit) 

Issued and outstanding £2,880,000. Interest May and November 1. 
Repayable at 106, by accumulative sinking fund, c^^eratin^ by annual 
drawings beginning November 1, 1929, for redemption of the whole by 
November 1, 1959. The Sudan Government reserves the riffbt to redeem 
at 105, on and after November 1, 1989, upon three months' notice. De- 
nominations £100. £600 and £1.000, Registered or Bearer Bonds. 

Offered by the Bank of England February 26. 1921, at 92%. 

This loan, with priority over subsequent charges, is the balance of a, 
sum of £6,000,000. raised to meet expenditures on revenue — producing 
works such as Irrigation and Railways. Transferable free of stamp duty. 
Guaranteed as to interest only by the Government of the United Kingdom. 



Trinidad and Tobago 



The two West Indiem islands of Trinidad and Tobago, administered 
together as a British Crown Cc^ony, rank as the most prosperous and 
important British possessions in the Caribbean Sea. Trinidad has an 
area of 1,862 square miles, approximating that of the State of Delaware. 
The island of Tobago is situated about 26 miles north of the northeastern 
comer of Trinidad, and has an area of 114 square miles. These two 
islands have a tropical climate suitable for raising their principal products, 
which are cacao, sugar, and coconuts. Population estimated at 886,907 
(1921). 

The Colony is administered by a Governor with Executive Council of 
6 official and one unofficial member, and a Legislative Council of 10 official 
and 11 unofficial members, all appointed. The currency system is the 
same as that of Great Britain. 



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BRITISH EBCPIRB 



Total ImportB in 1919. £5,264.000; in 1920, £8,877,000. 
Total Bxporta In 1919, £7,267,000; in 1920, £8,270,000. 
Government Revenue in 1919, £1,842,884; Eh^ienditure, £1,809,407. 



OAS CM>'rT 4% nraOBZBBB STOCK (1917-1040) 

Issued and outstanding £972,698. Interest Maroh and September 16. 
Repayable at par 16th March, 1942. with Government option of redemption 
at par on or after 16th March, 1917, on six months' notice. Sinking Fund 
1% per annum. The Crown Agents are empowered to purchase the Stock 
in the market if the price be below par at the time the contributions to 
the Sinking Fund are received. Stock transferable free of stamp duty. 
Agents. CroWn Agents for the Colonies, 4. Millbank, Westminster, S. W., 
London. Issued £100,000 in April, 1892. at an average price of £102 Ss. 
9d.; £822,698 in August. 1896, in conversion of loan?, and £660,000 in 
February, 1814. at 99%. 



»AS OOTT 3% ZVSCOUBBD 8TOGX (1982-1944) 

Issued and outstanding £600,000. Interest January and July 16. Re« 
payable at par 16th July. 1944. or, at the option of the Government at 
par on or after 16th July. 1922. on six months' notice. Sinking Fund, 1% 
per annum. Inscribed stock cannot be exchanged into certificates to 
bearer. Stock is transferable free of stamp duty. Issued £400.000 in 
July, 1897, at an average price of £98 Os. 6d.; and £200,000 in March, 
1902, at an average price of £98 10s. lOd. 



»AS CM>T'T 6% IVTBBirA^ XiOAlT OF 1920 

Issued and outstanding £1,606,320. Interest February and August 1. 
Repayable at par by annual drawings of one-twentieth of the issued 
amount, beginning August 16, 1930, and concluding August 14, 1919. 
Coupon debentures of £10, £20, £60, £100 and £600. 

Issued in July, 1920, at par in Trinidad. Barbados, and other neigh- 
boring British Colonies. Purpose of issue, the construction of railways 
and other public works. 



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UNION OF SOUTH AFRICA 

The Union of South Africa is made up of the States of Natal, Cape of 
Good Hope. Transvaal, Orange Free State and Zululand. The Cape of 
Qood Hope is now mergred into the Union and is known as Cape Province. 



478,076 square miles. 

POPinLA.TIOH Europeans Colored Total 

1904 (census) 1,116,806 4,059,018 6.176,824 

1911 (census) 1,276.242 4,697,152 6,978.894 

1918 (census) 1,418.000 6,464,000 6.872.000 

1920 (estimated) 1,604.000 6,801.000 7.806,000 

1921 (census) 1.521.635 5,800.000 7.321.686 



CM>TBBJnCBHT AJTO nMAMOM 

Under the terms of the South African Act passed by the British Parlia- 
ment, September 20, 1909, the self-governing colonies of the Cape of Gk)od 
Hope, Natal, the Transvaal, and the Orange River Colony were united 
under a government similar to that of other British self-governing 
dominions. The executive power is vested in a (Jovernor-General, ap- 
pointed by the Chrown, and an Executive Council (similar to the British 
C!abinet). Legislative power Is vested in a Parliament consisting of a 
Senate (of forty members) and a House of Assembly. Thirty-two mem- 
bers of the Senate are elected, eight for each Province. The House of 
Assembly consists of about 184 members of European descent, chosen 
from electoral districts.. The House of Assembly originates money bills, 
but may not pass a bili for taxation or appropriation unless it has been 
recommended by message from the Oovernor-Oeneral during the session. 
Restrictions are placed on the amendment of money bills by the Senate. 
The Union's revenues are paid Into the Consolidated Revenue FHmd, on 
which the interest on the outstanding debts of the colonies (provinces) 
forms a first charge. A Railway and Harbor Fund receives the revenues 
from the administration of railways, ports and harbors, from which 
appropriations are made by the Parliament The public property of the 
provinces has been transferred to the Union. 

The provinces of the Union are self-governing. In each province an 
Administrator is appointed by the Qovernor-(]teneral of the Union, to 
serve five years. A Provincial Council constitutes the legislature of each 
province, and members to these councils are elected in the same way mm 
members of the lower house of the Union. The provincial councils hare 
authority to deal with their own finances, but all legislation is subject 
to the veto of the Gk>vemor-General-in-Councll. Each province has a 
provincial Revenue Fund to cover its own expenditures. 



QOYvmMwaarr msrsinrm ajtb 

The budget for the financial year April 1, 1922 to March 81, 19M. 
estimates a revenue of £29,160,000 as against estimated ei^pendltures of 
£29,660,000, with the resultant deficit of £400,000. The figures are shown 
below in comparison with those of previous years. 



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BRITISH EMPIRE 



Revenues Expenditures 

Year ending March SI £ £ 

1928 29.160.000 29.550.000 

1922 26.815.000 82.271,000 

1921 29.818.000 80.068.000 

1920 27.428.000 29.668.000 

1919 21,911.000 26.214.000 

1914 15.981,000 14.290.000 

The flgrures shown are of actual revenues and expenditures except 
those for 1922 and 1928. which are estimates. The various heavy deficits 
have been covered by loans, some of them placed in London and some 
in the Union itself. 

Revenues actually collected in the year ending* March 81. 1922. were 
about £4.000.000 short of the actual receipts of the previous year, these 
in turn were nearly £8.000.000 over the collections for 1920. The de- 
creased revenues in the year ending March 81. 1922. are accounted for 
principally by the falling off of custom receipts due to reduced imports, 
and also to decrease in revenues from the export duties on diamonds. 
There was also a heavy loss on the operation of the Government railway 
system, the accumulated deficit in this department being £3.856.000 at 
March 81. 1922. 

Against the deficits now running the Government holds about 
£10,000,000 worth of German property in South Africa, and it is proposed 
that this be liquidated and the amount realized converted into 80-year 4 
per cent, bonds which will be delivered to the former German owners of 
this property In pasrment therefor. 



vomszoH ooi 



%am 







(In U. 


S. Dollars.) 














• 




Per 






Per Cent 






Cent. 




Total 


Imports 


from 


Total 


Exports 


to 


Year 


Imports 


from U. S. 


U.S. 


Exports 


to U. S. 


U.S. 


1921.. 


See Note 


*25.873.000 






•7,894.000 




1920.. 


*600.000.000 


*60.989.000 


12.0 


892,000.000 


•20,616.000 


6.8 


1919.. 


227.827.000 


64.891.000 


24.0 


262.969.000 


88.748.000 


16.4 


1918.. 


280.669.000 


31.998.000 


13.9 


169.801.000 


29.627.000 


18.6 


1917.. 


169.116.000 


80.810.000 


17.8 


125.516.000 


27.254.000 


21.7 


1916.. 


200.427,000 


29.582.000 


14.7 


116.585.000 


16.487.000 


18.2 


1916.. 


164,651,000 


21.477.000 


13.04 


82.046.000 


11.882.000 


18.8 


1914.. 


177,101.000 


14.646.000 


8.2 


196.747.000 


1.349.000 


.5 


1918.. 


208.272.000 


17.861.000 


8.6 


824,399.000 


2.610.000 


.8 


1912.. 


188.089.000 


16,182,000 


8.8 


316,644,000 


8.066.000 


1.0 


1911.. 


170.062.000 


13,768,000 


8.1 


267,206,000 


2.284.000 


.8 



•Fi^rures of U. S. Department of Commerce. 

Export figures for 1911, 1912, 1918 and 1914 include 
1916 and subsequent years do not include gold. 

Above figures are frontier values based on invoices, c. 
and f. o. b. for export. 

817 



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KIMBER'S RECORD OP GOVERNMENT DEBTS 

Official Union of South Africa flgrures of total trade are as follows: 

Total Imports Total Ehcports 

Year £ £ 

19211 66,122,000 68.108,000 

1920 105.924,000 88,628.000 

1919 68.124.000 99.816,000 

1918 68,462.000 38.168,000 

1913 43.792,000 66.660.000 

tEleven months. 

ITATZOVA^ PUBIjXO DBBT 

The National Public Debt of the Union of South Africa on liarch 81, 
1922. is stated to be £190,000.000, which compares with £178.904.818 on 
March 31. 1920. The debt has increased in recent years as follows: 

Funded Unfunded 

Tear ended Mjarch 81 £ Ster. £ Stgr. 

1922 £190,000,000 

1920 166.878.000 £ 8,016.000 

1918 147.068,000 18,879,000 

1916 126.088,000 26.744.000 

1914 106.867.000 11.972,000 

Of the total now outstandin^r approximately £180.000.000 represents 
Investment in State railways and other revenue producingr enterprises. 
These Investments were not profitable in 1921. the State rallwayv alone 
showing an operatlner deficit of approximately £1,600.000 for the year, to 
which must be added accumulated deficits from former years of approxi- 
mately £2.600.000. Reports from South Africa indicate that there is no 
Immediate prospect for Improvement in this particular situation, but the 
Government is enforcingr strict economy. 

Government Bond lesues in Detail 

UirZOH OV SOUTH AFBZOA 4% 00H80&ZDATBD STOCK 

Issued and outstanding £8.000.000. Interest March and September 1. 
£4,000,000 issued April. 1913. at par througrh L. C & W. Bank, and 
£4,000,000 in February, 1914. at 98^. Due March 1, 1968. Optional at 
100 after March 1. 1943, on three months' notice. Denominations, £100, 
£600 and £1,000. Has been provided that any annual surplus of revenue 
is to be handed over to the Public Debt Commissioners for the extinction 
of debt. Transferable free of stamp duty. 

uirzoH or south apbzoa 4% dbbehtusbs 

Issued and outstanding £4,000,000. Interest June and December 1. 
Issued in June. 1914. through the London County, Westminster and Parr's 
Bank, and the National Bank of South Africa. Ltd.. London, at 97^9^. 
Due June 1. 1924. Optional in whole or part on three months' notice 
after June 1. 1919. Denominations, £100. £600 and £1.000. 

UHZOH or SOUTH ATHZOA 4^% T^AM (1980-1926) 

Issued £8.000.000. Outstanding, bonds. £917.600. stocks. £2.082.600. 
Interest January and July 1. Issued in May, 1916. through the London 
County. Westminster and Parr's Bank, and the National Bank of South 



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BRITISH EMPIRE 



Africa, Ltd., at 98%. Due July 1, 1926. Optional In whole or part on or 
after July 1, 1920, on three months' notice. Denominations, £100, £600 
and £1,000. Stock transferable free of stamp duty. 



VmtOM OV SOUTH AVmZOA B% BBOISTBmSD STOOX8 OV 1916 JkMB 

1917 
(Xntsnua iMiis) 

Due twenty years from dates of Issue. Issued 1916, £7,444,720, and 
1917. £6,600,000. Interest payable June and December 1. Denomination, 
£20 and multiples of £10 in excess of that amount Taxation: free from 
all Income taxes. Redeemable at the option of the Government after five 
years on six months' notice. Subscriptions for each loan were received 
at par. 



UVZOV or SOVTM AFBZOA 4H% AJTO 5% BOV9S OF OOTOBBB, 1918 
(Ziit«Ri«l iMmom} 

£1.000,000 of the 4%% Bonds were issued, which are exempt from 
income and other taxation; £4,000,000 of the 5% Bonds were Issued, which 
are subject to income tax, supertax and excess profits tax. Issued to 
raise funds for the reimbursement of the British Qovemment for ad- 
vances made duringr the war to cover the Union of South Africa's share 
in the military operations. 



razOH OT nOTTEM ArmZOA 6% AOOAX mSOZSTBmSD BTOOX or 1921- 
1997-1938 

Issued and outstanding £6,710.000. Interest February 1 and Aug:ust 1. 
Repayable at par February 1, 1932, but redeemable at par at the option 
of the Government on and after February 1, 1927, upon six months' notice. 
All payments in sterllner in South Africa. Not tax exempt. Denomina* 
tions of £5 and upwards, regristered form only. 

Proceeds of this issue were used for railway, harbor and other public 
works. 

Offered for public subscription in South Africa in June. 1921. at peu>, 
and conversion permitted into this issue of 6% Local Regristered Stock 
1921-36. par for par. 



mrzov or bouts atbioa cohso&zdatbd e% stooz, 1930-40 

September, 1991, ZMoe 

Issued and outstanding £6.000,000. Interest May and November 1. 
Principal repajrable in London at par November 1. 1940. Redeemable at 
par on or after November 1. 1930. upon three months' notice. All pay- 
ments at London County, Westminster and Parr's Bank, Ltd., London. 
Free of stamp duty. Non-residents are not subject to taxes, duties and 
levies in the Union of South Africa. Denominations. £100 and multiples, 
in regristered form only. 

Proceeds of loan used for railways, harbors, irrlgration works, land 
settlement and other public works. 

Offered in London, September, 1921, at 96%. by London County. West- 
minster and Parr's Bank, Ltd., and National Bank of South Africa, Ltd. 

819 



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KIBfBER'S RECORD OF GOVERNMENT BEBTS 

jnaom or sovtk atbioa ooiraouDATBD e% stock, i98o-40 

VoT«mb«r, 1981, lamam 

Issued and outstanding £6.000,000. Interest May and November 1. 
Principal repasrable in Liondon at par November 1, 1940. Redeemable In 
whole or In part at par. on or after November 1. 1980. upon three months' 
notice. All payments at London County. Westminster and Parr's Bank, 
Ltd., London. Free of stamp duty. Non-resident not subject to taxes, 
duties and levies in the Union of South Africa. Denominations, £100 and 
multiples, in registered form only. 

Proceeds of loan were used for the redemption of £8.000,000 Treasury 
Bills due December 1. 1921, and £2.000,000 due February 8, 1922, and for 
public works. 

Offered in London November 1. 1921. at 96 H per cent. 



Cape Province 



OAPB PBOTnrOB 4% TbOAM or 1881 

Issued £2,000.000. Outstemdingr £68,000. Interest June and December 
1. Agrents. Crown Agents for the Colonies. 4. Millbank, Westminster. S. 
W.. London. Raised June, 1881. at £98 4s. 8d.. and repayable at par by 
means of a Sinkingr Fund of 1% per annum cumulative. Drawinsrs take 
place about May. repayment bein^ made on 1st June. Bonds in coupon 
form of £1,000, £600, £200 and £100. Final redemption to take place 
about 1928. 

OAPB VmOTEMOM 4% &OAV OT 1888 (1817-1988) 

Issued £8,000.000. Outstandingr £290,400 in bonds, and £1.788.800 in 
stock. Interest June and December 1. Aflrents, Baringr Brothers & Co., 
Ltd.. 8, Bishopsgate. E. C Issued in 1882. and repayable in London in 
about 41 years, through a cumulative Sinkingr Fund of 1% for the pur- 
chase at or below par. The Government reserves the right to invest the 
Sinking Fund in other securities if the price of the loan should be above 
par. and also to pay off at the end of 86 years, on giving six months' 
notice. Bonds in coupon form of £600. £200 and £100. convertible into 
Stock on payment of H%. Stock not reconvertible into Bonds, but may 
be converted into 4% Colonial Stock inscribed in Cape Town. Transfer- 
able free of stamp duty. 

OAPB PmOTnrOB 4% ZVSOBZBSD stock (1983) 

Issued £$.791,896. Outstanding £3,400,306. Interest June and Decem- 
ber 1. Issued to the holders of 6% Bonds of 1888, at the rate of £116 
Stock for every £100. Repayable at par 1st December, 1928. Agents, 
London County & Westminster Bank. Ltd., London. Free of stamp duty. 

OAPB PBOTnrOB OOmO&ZDATBD 4% STOCK (1816-1838) 

Issued £9,997,666. Outstanding £8,440.849. Interest April and Octo- 
ber 16. Created in 1886. and £9,477,666 issued in conversion of out- 
Standing loans of the Colony. £620.000 Issued in January. 1889, at an 
average price of £110 8s. Id. Repayable at par on 16th October, 1986, 
with Government option of redemption at par on or after 16th October, 
1916, on twelve months' notice. Stock transferable free of stamp duty. 

820 



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BRITISH EMPIRE 



No fee is chargred on stock transfers from London to the Cape, but for 
the reverse operation the stamp duty has to be paid. £1,066,885 on the 
Cape Town re^ster. Agrents, London County, Westminster and Parr's 
Bank. Ltd., Lothbury, E. C, London. 

OAFB PBOTnrOB OOirSOUDATSD 3H% 8TOOK (1929-1949) 

Outstandingr £12,644,503). Interest January and July 1. Redeemable 
at par on 1st July, 1949, the Government having option of redemption at 
par in London, on or after 1st July, 1929, on twelve months' notice. The 
stock is transferable free of stamp duty. As regards transfers of stock, 
exchanges into certificates to bearer, etc., this stock is similar to the above 
£3.657,895 4% inscribed stock. No charge is made on transfers from 
London to the Cape, but for the reverse operation the stamp duty has to 
be paid. Of amount outstanding, £13,194,801 is on the London register, 
£3,516.043 is on the Cape Town register. Agents, London County and 
Westminster Bank. Ltd., London. 

Issued as follows: (1) £878,576 in 1889 in exchange for £341,400 
Debentures of other loans; (2) £1,150,000 in March, 1890. at an average 
price of £100 8s. 8d.; (8) £1,119,000 in January, 1891. at an average price 
of £98 8s. 2d.; (4) £299.200 in April and May, 1893, in conversion of a 
like amount of 1883 Bonds; (5) £2,608,300 in January, 1902, at an average 
price of i?102 8s. 6d.: (6) £3.000.000 in July, 1904, at 95%; (7) £2.135,000 
in February, 1905, at 98%; (8) £196.524 by conversion of £190.800 Treas- 
ury Bills in 1906; (9) £994.350 in January, 1907. at 95% and (10) £1,- 
020,700 in January, 1908, at 93%%, making a total issue of £12,896,650. 

OOVBOfLXDATMD 3% STOOK (1933-1943) 

Issued £7,556,940. Outstanding £6,144,491. Interest February and 
August 1. Issued £1,260,000 in January, 1898, at an average price of 
£102 18s. 9d.; £3,107,400 in March, 1899, at an average price of £97 2s. 
3d., and £8,061,600 in June, 1902, at £96. Repayable at par 1st February, 
1948. the Government having the option of redemption at par on or after 
1st February, 1933, on twelve months' notice. Of the amount outstanding 
£6,450,750 is on the London register and £1,654.196 on the Cape Town 
register. Stock transferable free of stamp duty. No fee is charged on 
transfers from London to the Cape, but for the reverse operation the 
stamp duty has to be paid. Agents, London County, Westminster and 
Parr's Bank, Ltd., London. 

OAPB PBOTnrOB 3H% 00&OMZA& BTOCTX (1930-1950) 

Issued £4,628,000. Outstanding £1,800,000. Interest March and Sep- 
tember 1. Issued in Cape Town — £618,390 in 1890, £100,000 in 1891, 
£1.080.000 in 1892. £1,434,611 in January, 1893, £500,000 in January. 
1894 and £900,000 in 1905. Repayable at par at Cape Town on Ist Sep- 
tember. 1950. or earlier, at the option of the Government, at any time 
after 1st September, 1930, on twelve months' notice. Interest payable at 
any branch of the Standard Bank of South Africa. 

GAVE PBOTnrOB 3% 00&OMZA& BTOOK (1994-1944) 

Issued £938.500. Outstanding £620.260. Interest February, May. 
August and November 1. £500.000 issued in September, 1894, at 99%, 
and £438,500 issued to the Indwe Railway, Collieries and Land Company. 
Ltd. Repayable at par 1st November, 1944. at Cape Town, or earlier, at 
the option of the Government on or after 1st November. 1924, on twelve 
months' notice. 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 



Natal (Province) 



HATA£ 4% BOMDB (1926) 

Issued £469,800. Outstandingr £44,100. Interest May and November 15. 
Agents, Crown A^rents for the Colonies, 4, Mlllbank, Westminster, 8. W. 
Issued In November, 1882, at 94 per cent, and upwards. Holders of 
£280,200 fully paid scrip exchanged Into 4% (May and November) Con- 
solidated Stock under an option eriven in February, 1888. Repayable at 
par by 1926 by means of a Sinkingr Fund of 1% per annum, which may 
be invested in the purchase of the Debentures in the market Holders 
may convert into 4% Inscribed Stock (May and November) at any time. 
Bonds in coupon form of £1,000, £600 and £100. 

VATA^ 4% 00H80UDATBD STOGX (1987) 

Issued £1,754,229. Outstanding £808,660. Interest May and November 
16. Agents, Crown Agents for the Colonies, London. Holders of Bonds 
of the 4% lA>an of 1882 may at any time convert into this stock at par. 
Issued in exchange for 4% Bonds, 6% Bonds of 1884 and 6% Bonds of 
1886, but £1,482,948 stock itself converted into April and October stock. 
Repairable at par 1st January, 1927. Stock transferable free of stamp duty. 

MATAJm 4% OOVSOKZDATBD BTOGX (1937) 

Issued £8,026.444. Outstanding £2,869,511. Interest April and Octo- 
ber 1. Offered in 1887 in exchange for Debentures and Consolidated Stock. 
An issue of £600,000 was meide in February, 1888, at an average price of 
£108 68. 7d. Repayable at par on 1st April, 1987. Stock transferable free 
of stamp duty. Agents, Crown Agents for the Colonies, 4, MlUbank, West- 
minster, S. W.p IiOndon. 

VATA^ 9\i% areamzBBD stock (1914-1939) 

Issued £8,714,917. Outstanding £8,611,267. Interest June and Decem- 
ber 1. Repayable at par 1st June, 1989, with Government option of 
redemption at par on or after 1st June, 1914, on six months' notice. 
Stock transferable free of stamp duty. Agents, Crown Agents for the 
Colonies. 

Issued as follows: £500,000 in May, 1889, at an avenure price of £100 
12s.; £2,110,000 In January, 1891, at an average price of £96 16s. 7d. per 
cent.; £890,000 in November, 1898, at an average price of £96 6s. 6d.; 
£11,362 Stock to meet expenses incurred, and £208,666 for the redemption 
of 5% 10-40 Bonds. 

VATA^ 3% 00H80XJDATSD STOCK (1929-1949) 

Issued and outstanding £6,000,000. Interest January and July. £1,- 
000.000 issued In January, 1899, at an average price of £94, 6s.; £1,666,000 
in May, 1901. at £92 10s. per cent.; £1,945,000 in January, 1902, at £98 
per cent., and £1.500.000 In November, 1902, at an average price of £9« 
*8. Id. Repayable at par 1st January, 1949, with Oovemment option of 
redemption at par on or after 1st January, 1929, on twelve months' notice. 
Transferable free of stamp duty. Agents. London County, Westminster 
St Parr's Bank, Ltd., Lothbury, B. C, London. 

822 



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BRITISH EMPIRE 



HATAXi 3H% OOVSOUDATSD 8TOOK (1939-1944) 

Issued and outstanding £6.225,000. Interest February and August 1. 
£2,000,000 issued in April, 1904; £2.000.000 in December. 1904, both at 
96%; £1,000,000 in July, 1906, at 97^%; £725.000 in January, 1907. at 
96%; and £600.000 in November, 1908, at 95^. Repajrable at par 1st 
August, 1944. with Gtoyemment option of redemption at par on or after 
Ist August, 1984, on twelve months' notice. Stock transferable free of 
stamp duty. As regards the issue of stock certificates to bearer, transfers 
and payment of dividends, the loan is similar to the £6.000,000 8% con- 
solidated stock. Agents, London County, Westminster and Parr's Bank, 
Ltd., Lothbury, K C, London. 



Transvaal 

'AAZi OOinamMlDBirT 3% OVABAVrBSD 8TOOX or 1903 AHD 
1904 

Issued £36,000,000. Outstanding £26,497.202. Interest 'May and 
November 1. Repayable at par May 1, 1953, a sinking fund of 1% per 
annum applied to purchase when below par, or to be otherwise invested. 
Redeemable after May 1, 1923, on 6 months' notice at i>ar. Principal and 
interest guaranteed by the Imperial Government under the Qouth African 
Land War Contribution Act, 1908. Agents, Bank of England. Free of 
stamp duty. 

Issued £80,000,000 in May, 1903. at par and £6.000.000 in June, 1904^ 
at an average price of £98 lOs. 8d. Secured on the general revenues and 
assets of the Transvaal Colony, and on such other assets as may be 
made available, with priority over subsequent charges. 



TBAirSTAAZi OOIHBBVIEBXT 3% OVABAVTSBD STOCK OF 1909 AVD 
1910 

Issued £5,000,000. Outstanding £4,225,008. Interest January and 
July 1. Repayable at par on 1st July, 1958, by a Sinking Fund of 1% 
per annum, applied to the purchase when below par, or to be otherwise 
invested. Principal and interest guaranteed by the Imperial Government 
under the Transvaal Loan Act, 1907. Secured on the general revenues 
and assets of the Transvaal Colony, with priority over any charges not 
existing prior to 2nd August. 1907. Agents, Bank of England. Free of 
stamp duty. Issued £4.000.000 in January, 1909, at £96 3s. 7d. and 
£1,000.000 privately in May, 1910. 



828 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Zanzibar 

and Pemba, lying: off the coast of British E^ast Africa. Area is l,02(r 
square miles; population about 200.000. Chief products are cloves, copra 
and ivory. Currency in circulation is the Indian rupee, thougrh the official 
standard of value is the Maria Theresa dollar, worth about two rupees. 

Total Imports. 1919, £1,934,000. 

Total Exports, 1919. £2,444,000. 

Government Revenue, 1919, £407,506; Expenditure, £323,000. 

The British Protectorate of Zanzibar comprises two islands, Zanzibar 

8AMBZBAB OVABAVTSBD 3% &OAir OT 1901 

Issued and outstanding: £100,000. Dated October 1, 1901. Interest 
April and October 1. Principal repayable at par not later than 1st 
October, 1981, by means of a Sinking Fund of 2 1-8% per annum. Re- 
deemable on or after the expiration of fifteen years from 1st October, 
1901, upon six months* notice. Bonds in coupon form of £1,000, £500 
and £100. 

Agents, Crown Agents for the Colonies, 4, Millbank, Westminster, 
S. W. Issued in September, 1901, at par. Secured on a sum of £6,000 
a year, which Great Britain has guaranteed to pay annually to the Sultan 
of Zanzibar so long as a capital sum of £200,000 due by England has not 
been repaid to the Sultan; and in the event of the said capital sum beins 
at any time repaid. Great Britain has undertaken that such portion of 
the capital sum as may be required to enable the service of the debt to 
be provided for during the remainder of its currency shall be paid over 
to the Crown Agents. 



824 



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BULGARIA 



1910, 83,647 square miles ("old" Bulgaria). 
1917. 47,750 square miles ("new" Bulgraria). 

POFUlbATZOV 

1910 (Census), 4.387.516 ("old" Bulgrarla). 

1917 (Estimated), 5,517,700 ("new" Bulgaria). 

1918 (Estimated), 5,518,000. 



8TBTB1I or OOl 

Bulgaria is a constitutional monarchy; the executive power is vested 
in a Council of Ministers appointed by the King. The legislative assembly 
is a single chamber called the Sobranje or National Assembly, the mem- 
bers of which are elected by universal manhood suffrage under a system 
of proportional representation. Laws passed by the National Assembly 
require the King's approval. For administrative purposes the Kingdom 
is divided into Departments, each under a Prefect and sub-prefects 
assisted by a Departmental Council. Each community has a Mayor and 
Council. 

BBlbATZOVB WITS TSB UJITMD S«ATZ8 

The treaty between the United States and Bulgaria was approved by 
the Cabinet at Sofia on February 1, 1922, but the text of the treaty will 
not be given out until its ratification by the Bulgarian Sobranje. In- 
formation from the State Department at Washington, however/ is to the 
effect that in general lines it follows the provisions of the treaties with 
Germany, Austria and Hungary, except that since the United States was 
never at war with Bulgaria there are no clauses in the Bulgarian treaty 
relating to cessation of hostilities, restoration of amicable relations and 
the other customary formulae for ending a war (March, 1922). 

Diplomatic relations were never broken with Bulgaria, as they were 
with Turkey, the other of Germany's allies on which the United States 
did not declare war, but during the war period there were few direct 
dealings between the two Governments. 

The new agreement is in the form of a treaty of amity and commerce, 
but in substance is designed to protect American interests, in view of 
allied reparation claims against Bulgaria, as they are protected in the 
case of Germany, Austria and Hungary in the separate treaties made by 
the United States with those countries. 

OUBBBVCT 

Monetary Unit, Leva (franc) = $0.1946 U. 8. 

There are a few Bulgarian Gold Coins of 10, 20, 100 leva, but the gold 
circulation is principally foreign 10 and 20 franc pieces. There was, of 
course, no gold in circulation in 1920. 

The National Bank of Bulgaria has authority from the State to issue 
both gold and silver notes. It is provided by the State with a reserve 
fund. Bulgarian currency during 1917 and 1918 was greatly depreciated 
because the issues were practically on the basis of Treasury Bills of the 
German Government. The accompanying statement shows the position of 
the Bank at various dates. 



826 



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KIMBBR'8 RECORD OF GOVERNMENT DEBT^ 

VATZOVAZi BAVX 07 itV&OABZA 

Nov. 14, 1921 Sept 80. 1920 June 14. 1919 

Levaa Lfevas Levas 
Assets: 

Gold 63.289.000 87.082.000 47,775,000 

Silver 16.949.000 18.600.000 

Treasury Notes 228.807.000 296.025.000 

Bills discounted 287.891.000 948,176.000 

Liabilities: 

Notes in circulation 3,592.379,000 8.456.186.000 2.460,600.000 

Deposits 1,145.304.000 724.250.000 

romazov commbbob 

In Levas (= at par of exchange $0.1946 U. 8.) 
Year ended 

Dec. 81 Imports Exports 

1920 2.218.880.000 1.642.998,000 

1919 968,941.000 652,268,000 

1918 not available 

1917 168.491.000 288,906,000 

1918 189.298.000 98.829.000 

1912 218,110,000 166,406,000 

1911 199.348.000 184,688.000 

1910 177.357.000 129.052.000 

Values are based on current market values, and for both imports 
and exports are frontier values, c. i. f. and f. o. b. respectively. 

Bulgaria is primarily an aflrrlcultural country, and the chief imports 
are manufactured groods. such as textiles, machinery, hardware, etc 
These are furnished by Italy, France, Great Britain, United States and 
Germany. In the order named. The exports are principally cereals and 
tobacco, which are shipped to Cxechoslovakla. Turkey. Italy and Germany. 
Commerce with the United States Is not Important, the figures for several 
years being grlven below. 

The 1921 harvest of cereals Was 2.600,000 tons, or about one-third 
more than those of 1919 and 1920. It is officially estimated that the 
exportable surplus was 680,000 tons, which Is about equal to the average 
pre-war export of cereals. 

There has been a remarkable growth In the production of tobacco 
during the last ten years, the yield Increasing from 6,281,496 kilos In 
1910 to oyer 28.000.000 kilos In 1920. Figures for 1921 not yet available. 

The balance of trade against Bulgaria has been unfavorable for many 
years. No figures were published for 1918. In 1919 Imports were 963.- 
941.000 levas. exports 562.263.000 levas; In 1920. Imports were 2.218,880.000 
levas, exports 1,642.998.000 levas. These Inflated flgures are of course due 
to Inflation of currency and prices; on a percentage basis, however, the 
excess of Imports was reduced. 

In 1921 Bulgaria reversed her trade balance, the proportion of exports 
being about 6 to 6 of Imports. Complete official flgures are not yet 
available. 

Figures of the United States Department of Commerce are: Imports 
into United States from Bulgaria In 1919. 12.097.928; in 1920. 15.899.883; 
In 1921. $402,686. Exports from the United States into Bulgaria in 1919. 
$1,788,125: in 1920, $1,799,241: In 1921. $1,914,728. 



826 



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BULGARIA 



Atn> BJLWMM J>XTUXB 

Year ended Revenue Expenditure 

March 81 Levas Levas 

•1922 2,152.720.000 3.746.754.800 

•1921 1,808.000.000 2,994,908,000 

1920 844.000.000 8,081.000.000 

1919 566.970,000 1.436,224.000 

1918 481.000.000 479.400.000 

1911 200.000.000 205,000,000 

•Budsret estimate. Other figures are actual revenue and actual ex- 
penditure. Deficits covered by loans. 

The budgret for 1921. as shown above, contemplated a deficit of 1.191.- 
900.000 levas; the actual deficit was 1.778.000.000 levas. The budget of 
ordinary revenues and expenditures for the year ending: March 81, 1922, 
showed revenues of 2.152.720.000 levas, expenditures 2,684.669,800 levas, 
deficit 581.979.800 levas. The budsret of extraordinary expenditures, how- 
ever, authorized expenditures of 1,062,085 levas with no provision of 
revenue, so that the amount to be covered by loans or issues of paper 
money is 1.594.064.800 levas. 



VATZOVAZi FVB&ZO Bl 

External Internal Floatingr 

Funded Funded Debt 

Francs Levas Levas 

May 81, 1921 542.936,782 82,155,600 8,758,100.776 

June 80, 1920 554,882.718 81,881,500 8.080,006,667 

Dec 81, 1919 560,007,615 78,877,800 2,168.564.888 

Dec 81, 1918 616,601,686 288.920,666 

The Peace Treaty of Neuilly imposes upon Bulgrarla a proportional 
part of the Turkish public debt for the Turkish territory ceded to 
Bulgaria since 1918, and in addition a war indemnity of 2,260,000,000 
gold francs payable in 87 years with 6 per cent. Interest Payment of 
this indemnity requires 184,064,996 gold francs annually. 

The first two payments on account of the indemnity, due July 1, 1920, 
and January 1, 1921, were to represent 2 per cent, interest only; beginning 
July 1, 1921, payment was to be made in 74 semi-annual instalments of 
principal plus 6 per cent, interest, the entire amount to be paid by 1968. 
The payments are supervised by an Inter-Allied Commission representing 
Great Britain. Italy and France, which has power to accept payment in 
commodities, concessions, securities, gold. Bulgarian or other currency, or 
to recommend to the Reparations Ck>mmi88ion in Paris the modification 
of terms .of payment or the postponement of payment dates. 

No payments on reparations account have been made by the Bulgarian 
Government, except by the delivery to Greece, Rumania and Serbia of the 
livestock required by the Treaty as compensation for what was carried 
oif by Bulgarian troops during the war. The Inter-Allied Commission 
postponed the first two pasrments (July 1, 1920, and January 1. 1921) and 
payments due July 1» 1921, and January 1, 1922, were not met. 

827 



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KIMBER'8 RECORD OF GOVERNMENT DEBTS 

A detailed statement of Bulgraria's national debt is griven below. 
As of May 81, 1921: 

External Funded Debt francs 542.936,732 

Internal Funded Debt levas 82,155.600 

External Floating Debt francs 441,065.380 

Internal Floating Debt levas 8.317.035,896 

War Indemnity Debt francs 2.250,000.000 

The largest Item, in the internal floating debt Is advances from the 
National Bank of Bulgaria, 3.010.801.218 levas. 



mVlA3kAMIAX BOWD tmTBMMWT FATMBITTB 

Bonds of all pre-war issues of Bulgarian Government external loans 
are in denominations of French francs, in some cases with equivalents in 
other currencies expressed on them. The greater part of the outstanding 
is held in France, with considerable holdings also in Belgium and Great 
Britain. Payment of interest and sinking funds on the entire external 
debt was suspended in May. 1915, the issues affected being the following: 
6% State Mortgage Loan of 1892. 
5% French Loan of 1896. 
5% Gold Loan of 1902. 
5% Franc I^an of 1904. 
4%% Gold Loan of 1907. 
4%% Gold Loan of 1909. 

Interest payments are now being made on all the above loans in 
accordance with the following arrangements (March, 1922). 

As to the 1902, 1904 and 1907 loan.s, It was announced on September 
20, 1920, that all arrears of Interest would be paid by the end of that 
year, and full service of interest and sinking fund resumed as of January 
1, 1921; but that payments would be made in French francs only. This 
settlement was duly carried out. and sinking funds on these three loans 
are operating n<M'or(linff to seliedulc. Payments of interest and of principal 
of called bonds are made in London on the 1902 and 1907 loans, but only 
in the sterling e<iuivalent of the French franc values at the rate of 
exchange of the day, irrespective of the sterling amounts named on the 
bonds and coupons. 

As to the 1896 loan, it was announced in October, 1920, that interest 
payments would be resumed January 1, 1921. and all arrears of interest 
paid by 1923. the full service of inteiest and sinking fund to be resumed in 
1924. Sinking fund is therefore in suspense; interest payments (of past- 
due coupons) are being made, but In Paris in French francs only. 

As to the 1892 and 1909 loans, bonds of which constitute the largest 
holdings of Bulgarian obligations in Great Britain, It was announced in 
London In October, 1921, that an arrangement had been effected similar 
to that which the French holders had agreed upon. Accordingly in De- 
cember, 1921. there was paid in London on the 1892 loan the coupons and 
drawn bonds due January, 1916 to July, 1918. inclusive, and on the 1909 
loan the coupons and drawn bonds due December 1, 1915 to June 1, 1919, 
inclusive. The payments In Paris are In French francs; payments in 
London are In French francs converted Into sterling at the sight rate of 
exchange on Paris on the day of presentation, irrespective of the sterling 
amounts named on the bonds and coupons. 



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BULGARIA 



Government Bond Issues in Detail 

Vot*. — The time limit for payment of drawn Bonds Is, In the case of 
the 1892 loan, thirty years, and in the case of other loans, twenty years 
from maturity; coupons are prescribed after five years. 

BirXiOABXAV OOT*T 6% 8TATZ MOBTOAOB AOAV 07 1898 

Issued £5.711,200. Outstandingr £8,181,280. Dated January. 1893. In- 
terest January 2-15 and July 1-14. Redeemable at par on or before 2d- 
15th January, 1926, by drawings on lst-14th May and November, for 
repayment In July and January. The Government may repay the whole 
loan at par. The drawings take place in respect of the whole loan, 
issued and unissued. Both principal and interest are payable in gold at 
Sofia, Vienna, London (at the Imperial Ottoman Bank), Paris, Berlin, 
Amsterdam, Brussels and Geneva. Bonds in coupon form of fcs. 600 
(£20), fcs. IMO (£40) (certificates of 2 Bonds), fcs. 2,500 (£100) 
(certificates of 5 Bonds) and fcs. 12,500 (£500) (certificates of 25 Bonds). 

In case of default for two years, the bondholders may (without preju- 
dicing their right of redress against the Government for the unpaid 
residue) sell the above-named railways for the payment of due coupons 
and drawn Bonds, and eventually for the not then amortized balance of 
the loan. 

Agents. Imperial Ottoman Bank. 26. Throgmorton Street, E. C, Fcs. 
32.050,000 offered in February. 1893, in Berlin. Amsterdam. Geneva and 
Vienna at 92%%. Secured by a first mortgage on the Kaspitshan-Sofla- 
Kustendl and Rustchuk-Varna- State Railways, and on the harbors Varna 
and Burgas, as well as on the present and future revenues and dues of 
those harbors. 

Fajment of ZHterest* — In October. 1921. It was announced in London 
that the Committee of holders of Bulgarian Bonds, acting in conjunction 
with the Council of Foreign Bondholders, recommended the acceptance of 
the following arrangement for the liquidation of the coupons and of the 
bonds drawn for redemption corresponding to the period January, 1916 to 
July, 1923. inclusive, as shown in the following table: Coupons and drawn 
bonds— due January and July, 1916, and January, 1917, payable forthwith: 
due July. 1917. and January. 1918. payable on 1st November, 1921; due July. 
1918, payable on 1st December. 1921; due January and July. 1919, payable 
on 15th January, 1922; due January and July, 1920, payable on 14th Jfily, 
1922; due January and July. 1921, and January, 1922, payable on 15th 
January, 1923; due July, 1922, Januefry and July. 1923, payable on 14th 
July. 1923. The above payments to be made In French francs converted 
into sterling at the sight rate of exchange on Paris on the day of presen- 
tation. Coupons and drawn bonds payable according to the foregoing 
schedule and which have been in British ownership since 1st October, 1915, 
should be deposited on the above-named terms with the Imperial Ottoman 
Bank (Coupon Office, 25, Austin Friars, E. C), duly listed on forms which 
can be obtained there, and accompanied by the declaration of ownership 
attached to the form. 

BUZiOASXJjr OOT^ 6% AOAV 07 1896 

Issued Fcs. 30,000,000. Outstanding Fcs. 25,850.000. Interest January 
and July 14, free of all Bulgarian taxes. Repayable at par, before 1947 
by semi-annual drawings in June and December or by purchase at or 
below par. Coupon bonds of 500 francs. 

fo^rer] 
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KIMBER*S RECORD OF GOVEglNMENT DEBTS 

Secured by the general revenues of Bulgaria and upon the Inherltancea 
and revenues of the Caisses Agricoles. 

Created under the laws of December 28, 1894» and February 27, 1897. 
to increase the resources of Caisses A^riooles. 

Interest due on this loan July 14, 1915, and since, has not been i>aid. 
In October, 1920, it was announced in Paris that arrangements had been 
made to resume interest payments on January 1, 1921, and to pay off all 
arrears of interest by 1928. Full service of interest and sinkinic fund 
to be resumed in 1924. 

mmQAMiAm oot^ 5% oou> JmOam (itos) 

Issued 106.000,000 francs. Outstanding 91,957,500 francs. Dated Sep- 
tember 14, 1902. Interest March and September 14. Redeemable at par 
in fifty years, by means of drawingrs on 14th February and 14th Auflrust 
(commenced 14th August, 1908) for payment on 14th March and 14th Sep- 
tember. The Bulgarian Government reserves the right to redeem the loan 
at par on or after 14th September, 1918. Principal and Interest payable 
at the Banquede Paris et des Pays-Bas, Paris, also at fixed exchange in 
London. Petrograd and elsewhere. The loan is exempt from all present and 
future Bulgarian charges, rates, taxes or duties whatsoever. Bonds in 
coupon form of 500 and 2500 francs or £19 16s. and £99 (comprising five 
Bonds of £19 16s.). with their equivalents in rubles, reichsmarks, Austrian 
crowns. Dutch fiorins and gold leva. Direct liability of the State of 
Bulgaria, and is besides specially secured by a preferential charge upon 
the proceeds arising from a tax upon the consumption of tobacco, which 
is levied by the sale of "banderoles," and subsidiarily by the proceeds 
of the tax "Mourourie" (being a tax upon the manufacture of tobacco). 
The bondholders' rights are exercised by a delegate appointed by the 
Banque de Paris et des Pays-Bas, who transmits the cash received for 
the "banderoles" to that bank. 

London Agents, Imperial Ottoman Bank, 26, Throgmorton Street and 
Stem Brothers, 6, Angel Court, R C. Issued in September, 1902, at £89 
10s. per Bond of £99. 

irote^— Interest due on this loan September 14, 1916, was defaulted. 
On September 20. 1920, it was announced in Paris that all arrears of 
interest would be paid by the end of that year; this arrangement was duly 
carried out, and sinking fund is operating according to schedule (March, 
1922). 

Payments are made in London also, but only at the current rate of 
exchange on Paris, irrespective of the amounts named on bonds and 
coupons, and only upon proof of continuous British ownership since August 
1. 1914. 

BVXiOASXJjr OOT^ 5% JmOAM or 1904 

Issued 100.000.000 francs. Outstanding 88.870,000 francs. Interest 
May and November 14. Redeemable at par in 50 yecurs by means of 
drawings on April 14 and October 14 for payment May 14 and Novem- 
ber 14. Government reserves the right to redeem the loan on or after 
November 14, 1915. Coupon bounds of fcs. 600. 

Offered Fcs. 80.000.000, Dec. 12, 1904 at fcs. 447.50 and Fes. 20,000,000 
at fcs. 475 in Brussels by the Banque de Paris et des Pays-Bas, la socle te 
francaise de Banque et de Depots et TAgence du Comptori National 
d'Escompte de Paris. 

[over] 
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Latest available information 
on all matters relating to 
foreign bonds and shares 
and the credit of foreign 
governments, states and 
municipalities is regularly 
given in 

Kimbefs Reports on 
Foreign Secnrities & International Finance 

Published on the 7th and 
22nd of each month 



Subscription Price $15.00 a Year 



A. W. KIMBER (Sl COMPANY 

INCXDRPORATED 

Financial Statisticians and Publishers 
46 WEST BROADWAY NEW YORK 



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KIMBER'S RECORD OF GOVKRNMENT DEBTS 

Hot*. — Interest due on this loan May 14. 1915, was defaulted. All 
arrears were paid between September and December, 1920, and slnkingr 
fund is operating according: to schedule (March, 1922). 

BVZiOASXJjr OOTT 4H% OOU> AOAV 07 1907 

Issued 145.000,000 francs. Outstandins: 136415,000 francs. Interest 
February and Augrust 1. Redeemable within sixty years by half-yearly 
drawings and on 1st January and 1st July in each year (commenced Ist 
January, 1908) for payment at par 1st February and 1st August. Pay- 
ments made in Paris by the Banque de Paris et des Pays-Has and others, 
and in London in sterling by Stem Brothers, 6, Angel Court, R C. Also 
In Vienna, Sofia, Petrograd, Frankfort, Berlin, and Amsterdam at fixed 
rates of exchange, and in Switzerland at sight exchange on • Paris. 
Principal and interest exempt from all Bulgarian taxes, present and future. 
Bonds in coupon form of fcs. 500 (£19 16s.). A direct liability of the 
State of Bulgaria, and besides specially secured; (1) by the surplus of 
the taxes known as "Banderoles de Tabac" and Impo du Timbre"; and 
subsidiarily (2) by the surplus of the tax "Mourourie," in each case after 
due provision has been made for the service of the 5% loan of 1902. 

Issued in April, 1907, at 90, for the conversion of the 6% Loans of 
1888 and 1889. 

Vote. — ^Interest due on this loan August 1, 1915, was defaulted. On 
September 20. 1920, it was announced in Paris that all arrears of interest 
would be paid by the end of that year; this arrangement was duly carried 
out, and sinking fund is operating according to schedule (March, 1922). 

Payments are made in London also, but only at the current rate of 
exchange on ' Paris, irrespective of the amounts named on bonds and 
coupons, and only upon proof of continuous British ownership since 
August 1, 1914. 

MUlsQAMlAm QOY^ 4H% QOIbIp AOAV 07 1909 

Issued 100,000.000 francs or £3,960.000. Outstanding 92,350,000 francs 
or £3,827,340. Interest June and December 1. Repayable at par in fifty 
years by half-yearly drawings in Sofia in May and November (commenced 
1st November, 1910), with option to the Government to redeem at par 
at any time on or after 1st January. 1920. Principal and interest payable 
in Belgium in gold francs at the Credit Anversois, or at J. Henry 
Schroder & Co., London in £ sterling, or in France, Austria, Bulgaria, 
Germany, Holland and Switzerland, at the holder's option at fixed rates 
of exchange, free from all present and future Bulgarian taxes. Bonds 
In coupon form of 500 francs (£19 16s., kr. 476, m. 405, or fl. 240), or 
multiples of five, ten and twenty thereof. 

Agents, J. Henry Schroder & Co., 145, Leadenhall Street, E. C. Issued 
In February, 1910, in London (at 91 per Bond of £99), Austria, Germany, 
Holland, Switzerland, and Belgium. 

Payment of Uitereet, — ^In October, 1921, it was announced in London 
that the Committee of holders of Bulgarian Bonds, acting in conjunction 
with the Council of Foreign Bondholders, recommended the acceptance 
of the following offer made by the Bulgarian Government for the liquida- 
tion of the coupons and of the Bonds drawn for redemption corresponding 
to the period 1st December, 1915. to Ist June, 1923, inclusive. This offer, 
which applies exclusively to British holders of Bonds bearing the British 



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BULGARIA 

stamp of a date prior to October, 1915, provides that the undermentioned 
coupons and bonds shall be payable at their face value in French francs, 
as follows: Coupons and drawn bonds — due 1st December. 1915, 1st June 
and 1st December, 1916, payable on 27th October, 1921; due 1st June 
and 1st December. 1917. payable on 1st November. 1921; due Ist June and 
1st December, 1918, and 1st June, 1919, payable on 1st December, 1921; 
due 1st December, 1919. and 1st June. 1920, payable on 1st June, 1922; due 
1st December, 1920, 1st June and 1st December, 1921, payable on 1st 
December, 1922; and due Ist June and 1st December, 1922, and 1st June, 
1923, payable on 1st June, 1923. The amount, payable in French francs is 
to be converted into sterliner at the sigrht rate of exchangre on Paris on 
the day of presentation. 



BVZiOABZAX' OOYZBHXXMT 6H% ZHTBBVAZi IbOAM 1921-19SS 

Authorized 100.000,000 levas. Issued and outstanding — ^not yet available. 
Interest February 1 and August 1. Denominations. 100. 500. 1,000, 5,000 and 
10.000 levas. 

Principal repayable by sinking fund operating by semi-annual drawings 
at 120 in amount sufficient to redeem the entire issue within 40 years. First 
drawing in February. 1923. All i>ayments at Banque Nationale de Bulgaria. 
Sofia. Bulgaria, free from all taxes, imposts, or deductions in Bulgaria 
present or future. Not callable before 1927 except for sinking fund as 
above. 

Authorized by law of June 23. 1921, and Royal Decree No. 15 of July 
9. 1921. This loan is a direct obligation of the Kingdom of Bulgaria, 
which guarantees to include in the Government's Budget for each year 
while any of the bonds are outstanding the sum necessary to meet the 
interest and sinking fund payments in respect thereof. 

Offered for public subscription in Bulgaria at par, between January 16 
and 31. 1922. payment also being accepted in French francs at the rate 
of 9 francs per 100 leva bond. 



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Argentine Sterling Issues 

Brazilian Sterling Issues 

Brazilian Franc Issues 

Chilean Issues 

Uruguayan Issues 



CASSEL, NUNES 8c CO. 

Members New York Stock Exchange 

61 BROADWAY NEW YORK 

Telephones Bowling Green 3140 to 3152 



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CHILE 



289,829 square mil«8. Chile extends about 2,700 miles from north to 
south. The major part of the country is in the temperate zone. 

FOPU&ATZOV 

1920 (census) 3,754,723 

1907 (census) 8,249,279 

1895 (census) 2.712.145 

Immigration is small, but is encouraged by the Government. 



The total national wealth of Chile. December 81, 1920. was estimated 
as equivalent to $8,272,000,000 (U. S.). Foreign capital invested in the 
country is estimated at over $665,000,000 divided as follows: Great 
Britain. $340,000,000; United States, $225,000,000; (Germany, $100,000,000. 
France. Holland and Belgium have investments in Chile, smaller amounts; 
no accurate estimate is possible. 

The chief mineral products of CHiile are nitrates and copper. The 
nitrate industry was the first to be developed on a large scale. The 
known deposits nitrate are estimated at more than 220.000.000 tons and 
constitute the only large natural deposits in the world. The average 
annual production of nitrate for the ten-year period 1910 to 1919 inclu- 
sive was 2,601.210 metric tons. . 

Chil^ possesses a large area rich in copper ore. in the development 
of which a number of American comx>aiiies are interested. The production 
of copper reached a total of 106.000 metric tons in 1918. The Coquimbo 
district in the central part of the country contains deposits of iron ore 
estimated at 1,000,000,000 tons. American interests are actively develop- 
ing this region with the intention of exporting the ore. There are also 
extensive deposits of bituminous coal which hitherto have not been 
developed on a large scale. For the ten-year period, 1909 through 1918, 
the average annual production of coal was 1,250.000 tons while importa- 
tions averaged 1,058.000 tons. 

In Chile are located the most important borax deposits in the world. 
Other mineral products include gold, silver, lead, cobalt and mangcmese. 

Agriculture and stock raising have received more and more attentioiv 
of late years. Approximately 42.000.000 acres were under cultivation In 
1918 and it is estimated that about 18,000,000 acres of additional land 
will be suitable for agricultural purposes with the development of irriga- 
tion and the settlement of undeveloped areas. The principal crop is 
wheat, the production of which is in excess of domestic needs. The wine 
Industry has been developed until there are now about 300,000 acres of 
vineyards. The forests cover about 10,000.000 acres and contain a great 
variety of timber suitable for future development. 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 



OOTBmVMBST AMD FIVAVCB . 

Chile is a constitutional republic with an elected president, a congress 
consisting: of a Senate and a House of Deputies, and an independent Judicial 
system. Members of both houses are chosen by the same electors. The 
President has a veto power on legislation, but a two-thirds vote of con- 
gress, when a majority of members are present, can set aside the Presi- 
dent's veto. The Congress has the power to impose taxes and authorixe 
all loans. Revenue bills of all kinds originate in the Chamber of Deputies. 
A permanent committee of both houses of the congrress is maintained dur- 
ing the interval between the regular sessions to exercise some of the 
powers of Congress during this period. 

The territory of Chile is divided into Provinces, governed by ap- 
pointed officials (intendents) under orders and instructions from the 
President. Established Municipalities are governed by popularly elected 
mayors and councils. Municipal ordinances, however, must be approved 
by the President of the Republic 

Chile is a centralized republic, like France, not a federation of states 
like Brazil. The provinces and other subdivisions of Chile are not 
autonomous; they cannot contract obligations abroad without authority 
of the central government. 



CmUlBVCT 

Monctarj natt— Gtold Peso=$0.865 U. S. 

Chile is on a gold standard but the gold peso is a theoretical unit 
Paper Currency is issued by the Government through its bank of issue, 
Caja de Emisoion (established in 1912). and also by several joint stock 
banks with agencies in Chile. The banks guarantee their note issue by 
depositing in the Government Treasury, gold. Government Notes, or 
securities. There are also land banks which issue scrip payable to bearer 
and bearing interest. 

On December 31. 1920, the total paper circulation of Chile amounted 
to 302.821,919 pesos, of which 195,698,919 pesos were in "bllletes flscales" 
or bills back by the gold conversion fund or by deposits of gold made 
by banks to which they were issued, and 107,123,000 pesos were bills of 
500 pesos or more denomination, called **vales del tesoro" or treasury 
notes. The latter class of currency represents deposits of bonds made 
by banks in security of the amount issued to the extent of 81,227,600 
pesos, while 75,895,500 pesos were issued to nitrate producers secured 
by stocks of nitrate. 

The fluctuation in the value of its money is a great obstacle to the 
prosperity of Chile. Exports are customarily paid for in grold; labor is 
paid in paper. Commercial transactions are unnecessarily costly and 
much dissatisfaction has resulted. A committee appointed by the Chilean 
Senate reported in 1913 in favor of a plan to establish a Conversion Office 
(Caja de Conversion) for the issue and redemption of paper currency. 
Under this plan the paper outstanding would be redeemable at the fixed 
rate of 12d. ($0.243325) per peso. The adoption of this scheme has been 
delayed from time to time, and by law passed on December 30. 1921. the 
conversion of paper money was postponed till after December 31. 1924. 

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CHILE 



rOBBXOV OOl 

(U. S. Dollars.) 

Per 
Per Cent. Cent. 

Total Imports from Total Exports to 

Tear Imports from U. S. U. S. Exports to U. S. U. S. 

1920.. 166.104.000 *55.310.000 ... 288,805.000 *120.515.000 
1919.. 146,483,000 70,026,914 ... 115.696.000 *82.442.000 
1918.. 159.167,000 74,269,000 48.6 285.670.000 178.374.000 64.0 
1917.. 128,669,000 67,619,000 46.6 256.574.000 155.006.000 50.8 
1916.. 81.220,000 34,469,000 42.4 187,458,000 92.088.567 49.1 

1915.. 65.922,000 18,688.000 88.8 119.530.000 60.824,000 42.1 

1914.. 98,461,000 20,149,000 20.5 109.382.000 31.454,000 28.8 

1913.. 120.274,000 20,089.000 16.7 144.653.000 80.418.000 21.0 

1912.. 122,076,000 16.806,000 13.8 139.878,000 24.527,000 17.5 

1911.. 127,381,000 15,776,000 12.4 123,884,000 19.609,000 16.8 

1910.. 108,582,000 18,870,000 12.8 120,022,000 24,681,000 20.C 

*Flgrurefl of the U. S. Dept. of Commerce. 

Import Values— Prtor to 1916, the values of imports as shown in the 
Annual Estadistcia Commercial were based on the official valuation tariff 
of 1907 with slisrht subsequent modifications. Under the tariff of May 10, 
1916, declared values are recorded. Export Values — Current market prices 
in Chile. 

Complete flflrures for 1921 had not been furnished as of March, 1928, 
but such returns as were available indicate that Chile's export trade in 
1921 showed 9. biflr decrease from the trade of 1920. Exports of nitrate 
durlnsr 1921, for instance, were 1,100,000 metric tons as compared with 
2.750.000 metric tons in 1920 and 2.469,000 metric tons in 1918. 

Exports of copper from Chile in 1921 also declined heavily from those 
of 1920. 

COPPER EXPORTS FROM CHIUE 

Values in U. S. dollars 
1921 1920 

Copper bars $12,429,404 184,876.496 

Copper matte 82,309 698,988 

Copper ore 1,274,092 934.899 

Total 113,785,805 135.910,578 

These figures are startliner. They show the situation in which Chile 
found itself in 1921. 



QOynSMNWOMT mrnVMBTUB AM1> BZFBHDXnna 

Revenues for 1920 were 87.607,000 pesos 8:old and 164.238.810 pesos 
paper. Expenditures were 68,957,458 pesos grold and 337.472,120 pesos 
paper. The deficit for 1920 was equivalent to 89,518.840 pesos paper. 

-Budflret for 1921, Revenues and expenditures. 55,654,835 pesos sold and 
296,226,849 pesos paper. 

The budget for 1922 was not passed (February, 1922). as the Chilean 
Confiress adjourned until March 15. 1922, without actingr on it. The bill as 
presented estimated revenues at 67,507,700 pesos grold and 250.856.115 pesos 
paper; expenditures, 53.424.726 pesos grold and 306,239,700 pesos paper; all 
of which shows an estimated deficit of about 20,177.900 pesos paper 
(p. p. = about 10 cents U. S.). 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

The estimated expenditures are approximately the same as those pro- 
vided for in the 1921 budgret. which were 55,654,835 pesos gold and 
296,225.349 pesos paper. 

The finances of the Chilean Government are peculiarly responsive to 
the foreigrn commerce of the country, as the government revenues are 
derived not only from duties on imports but also, and chiefly, from taxes 
on exports. Consequent upon the decline in the export trade in 1921 the 
revenues of the Chilean Government were greatly reduced. Preliminary 
official figures indicate that customs revenues in 1921 were approximately 
88,650,000 pesos gold ( = $32,356,000 U. S.) as compared with 143.500.000 
pesos gold ( = $52,378,000) in 1920. This reduction in income of over 
$20,000,000 is directly chargeable to the decreased exports of nitrates, 
borax, etc. Complete returns are not at hand (February, 1922), but it is 
evident that a big deficit was incurred. 

VATZOVA& WBUC DfiBT 

The position of the national public debt of Chile at December 31, 1920, 
was as follows (official reports): 

External funded debt, sterling £28,350,732 

Internal funded debt, pesos gold 5,739,000 

Internal funded debt, pesos paper 95,149.690 

The total in U. S. dollars, figuring the sterling and gold pesos at par 
of exchange and the paper pesos at 25 cents (average pre-ware exchange 
value) comes to $168,060,995, of which $141,978,838 was external debt, 
and $26,082,157 internal debt. 

The internal gold debt as officially reported was 155,739.000 pesos gold, 
but as this includes 150,000,000 pesos of paper money against which the 
Government holds 114.110,600 pesos in gold, the editor considers it more 
accurate to eliminate this item from the statement of government debt. 
At present it is a purely theoretical liability. 

During 1921 the external debt was increased by the sale at New York 
of $44,000,000 in bonds, and the issue in London of £825,000 bonds on -the 
Transandine Hallway deal. The position of the Governments' debt at 
December 31, 1921 (no official figures available) would appear to be as 
follows: 

(in U. S. dollars) 

External debt of Dec. 31. 1920 $141,978,383 

Estimated amortization 3,890,000 

Balance $138,088,838 

New external loans 1921 48,014,862 

External debt Dec. 31, 1921 $186,103,700 

The Government of Chile contracted no foreign loans from 1911 until 
1920, and during that period reduced its external debt from 469.068.170 
pesos gold (1911) to 378.009,760 pesos gold (1920). Chile is one of the 
few countries which reduced its interest-bearing debt throughout the war 
period. 

The internal • debt of the Government as of December 31, 1920 (not 
Including the 150,000.000 pesos of paper currency referred to above) was 
as follows: 

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CHILK ____^ 

INTERNAL DEBT 

Issued Outstandins: 

pesos pesos 

arold gold 

Debt of 1905 to Bolivia 5,005,000 

Debt of 1917 to Chilean Banks 2,200.000 784,000 

Total 5,739,000 

pesos pesos 

paper paper 

Old municipal debts 8,429,432 9,232 

Three per cent, loan of 1837 4,266.245 548.860 

Old emissions of ' paper money 38.361,094 853,119 

Debt on land occupied by National 

Library (1918) 1,500,000 1,342,740 

Debt on land used for military purposes 600,000 489,990 

Internal loan April 29, 1916 30.000,000 10,000,000 

School bonds 9,000,000 8,769.000 

Public park bonds 1.550.000 1.497,000 

Internal Loan of Dec. 10. 1919 2,000,000 2.000.000 

Internal Loan of Nov. 12, 1920 30.000,000 30.000,000 

"Censes Redimidos" 39.644.749 39,644,749 

Total 165,851.520 95.149,690 

The "Censos Redimidos*' included in the above statement, are obliga- 
tions assumed by the Government according to a law which permits 
permanent charges affecting private lands to be converted into annuities 
payable in money, and permits these annuities to be converted into 
obligations of the State by the payment of a sufficient sum into the 
public treasury. 

Chile is one of the few countries which reduced its interest' bearing 
debt during the period of the War. The direct debt of the Republic de- 
creased from the equivalent of $175,715,000 (U. S.) on December 31. 1918, 
to $161,308,000 on December 31. 1920. For the year 1920, the debt service 
(interest and amortization) required about $18,000,000 (U. S.) or, 24.6% 
of the national revenue of about $78,300,000 (U. S.). 

The proceeds of the national borrowings have been utilized chiefly 
in the acquisition and construction of railways, port works and other 
public property. The Government owns 2,836 miles of railroad, besides 
telegraph lines and other national properties. These were valued on 
December 31. 1918. at $240,000,000. a sum substantially in excess of the 
total Government interest bearing debt, as given above. This debt is 
being steadily retired by means of sinking funds. The Government has 
also guaranteed obligations for railway companies, workmens dwellings, 
irrigation projects and municipal loans amounting to $38,249,000. 

The Provinces and subdivisions of Chile are not autonomous and, 
together with the cities, are under the supervision of the Central Govern- 
ment. There are no provincial loans outstanding except those carried by 
the Central Government. The total debt of the municipalities on De- 
cember 31, 1920. was $6,146,000 (U. S.). On that date the aggregate 
indebtedness of all governmental authorities of the country amounted to 
about $50 per capita. 

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KIMBBR'S RECORD OF GOVERNMENT DEBTS 



avAMAMTimm of 

The contingent liabilities of the State in gold amounted on December 
31. 1920, to 92.520,588 pesos grold, and to 19.189.000 pesos paper. The 
guaranties in gold were for the bonds of the Longitudinal Railwajt the 
, Chilean-Transandine Railway, and the railway from Arica to La Pas. 
The internal guaranties in paper are on bonds issued for the construction 
of irrigation works, for the construction of workmen's homes, and for 
improvements in certain municipalities. 



The Government owns 2.886 miles of railways. The great trunk line 
of the Government system is the Longitudinal Railway between Santiago 
and Valparaiso, 116 miles, and between Santiago and Puerto Montt, 751 
miles. The Longitudinal Railway north of Valparaiso is at present open 
to Iquique. Another important government railway, built with the co- 
operation of Bolivia, connects Arica with La Paz. a distance of 278 miles, 
providing a short line between the highlands and the coast. The Chilean 
Government is proceeding with the electrification of the section between 
Santiago and Valparaiso, utilizing water power from the river Aconcagua, 
and as there are numerous rivers flowing westward from the Andes, 
power can with little difficulty be obtained for the electrification of the 
entire system south of Santiago. 

Development for the next few years contemplates the construction of 
new trans-Andean railways to connect Chile and Argentina. One of 
these is planned through the mountains about 800 miles north of Santiago, 
and another about 400 miles to the south of the capital, connecting the 
Chilean port of Valdivla with the Argentina port of Bahia Blanca. The 
north line will bring into close touch the nitrate fields of Chile and the 
agricultural sections of Argentina, to the advantage of both. 

The railway properties of the Chilean Government were valued on 
December 81. 1918. at the equivalent of $240,000,000 (U. S.), a sum con- 
siderably in excess of the total interest bearing debt of the Government 

Government Bond Issues in Detail 

Vote. — ^The Government may increase the Sinking Funds or pay off the 
respective loans on giving due notice. Except where otherwise stated no 
time limit is laid down for payment of coupons and Bonds matured. 

atOLMAM OOVT 4H% IbOAM OF 1885 

Issued £808,900. Outstanding £875.200. Interest January and July 1. 
Redeemable by Sinking Fund of %% per annum (cumulative), applied 
by purchase when under par or by drawings at par (in May and November, 
for payment on 1st July and 1st January). Bonds in coupon form of 
£1,000, £500 and £100. Free of Chilean taxes. 

Agents, London City and Midland Bank, Ltd., 5, Threadneedle Street, 
E. C. Issued in September, 1885, at 89, for the redemption of the 7% 
Lioan of 1886. 

OiriT.Hiy aOYT 4H% BOVDB of 1886 

Issued £6,010,000. Outstanding £8,175.700. Interest January and 
July 1. Redeemable by Sinking Fund of H% P^i* annum, cumulatlTtt 
(commenced in 1887), applied annually by purchase when under par, or 

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CHIUB 

by drawings at par (in December for repayment on Ist January). Bonds 
In coupon form of £1,000, £500 and £100. Free of Chilean taxes. 

Agents, N. M. Rothschild ft Sons, New Court, St. Swithin's Lane, E. C 
Issued in November, 1886, at 98%, principally for the conversion and 
redemption of the 4H% Loan of 1858, the (% Loan of 1867 and the 
S% Loans of 1870, 1878 and 1876. 

imTTilinf OOT^ 4H% &OAV OF 1887 

Issued £1,160,200. Outstanding £609,900. Interest January and July 1. 
Redeemable by Sinking Fund %% per annum (cumulative), applied annu- 
ally by purchase when under par, or by drawings at par (in June, for 
repayment on 1st July). Bonds in coupon form of £1,000, £600 and 
£100. Free of CShilean taxes. 

Agents, N. M. Rothschild & Sons, New Court, St. Swithin's Lane, E. C. 
Issued at 97H in October, 1887, for the purpose of providing for the 
payment of certificates issued by the Peruvian Gh>vemment as purchase- 
money for saltpetre works, situated in the province of Tarapaca, which 
have now become the property of the Chilean Government. 

OWTTilinf €K>T^ 4H% OOU) &OAV OF 1889 

Issued £1,546,392. Outstanding £1,045,732. Interest January 2 and 
July 1. Redeemable at par within fifty- two years by a cumulative Sink- 
ing Fund of %% per annum, operating by means of drawings, which 
take place in Berlin in March, for repayment on 1st July. Principal and 
Interest payable, free of all present or futjire Chilean taxes or Imposts, 
either In London (Banco de CThlle) in sterling, or in Germany in 
marks, at the fixed exchange of 20.40, at the option of the holders. 
Coupons not presented within six years of due. date will be prescribed; 
no stipulation as to drawn Bonds. Bonds in coupon form of £20, £100, 
£600 and £1,000, and one Bond of £12, with their equivalents in marks 
expressed on them. 

Agents, Banco de Chile, 94 Gracechurch Street, E. C. 3, London. Issued 
in August, 1889, at 101%. 

OWTTilinf OO'TT 6% IiOAH OF 1898 

Issued £1,800,000. Outstanding £1,200.200. Interest January and 
July 1. Redeemable by a cumulative Sinking Fund (commenced in 1894) 
of %% per annum, applied annually (In December) by drawings at par, 
or by purchase when under par. Bonds In coupon form, of £1.000, £500 
and £100. Free of CThilean taxes. 

Agents, N. M. Rothschild & Sons, New Court, St. Swithin's Lane, E. C. 
Issued in October, 1892, at 95. 

Oimrt'BAW OO'TT 4V^% BOHDB OF 1893 

Issued £630,000. Outstanding £401,400. Interest January and July 1. 
Redeemable by means of a cumulative Sinking Fund of %% per annum, 
to be applied in December of each year (commenced December, 1893) by 
drawings at par, or by purchase if below par. Bonds in coupon form of 
£1,000, £500 and £100. Free of Chilean taxes. 

Agents, London City and Midland Bank. Ltd., 6, Threadneedle Street, 
E. C. Issued under law passed by the Chilean Congress on 26th January, 



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KIMBER'S RECORD OF GOVERNMENT DEDTS 

1893, and a decree dated 81st January, 1893, whereby the Chilean Govern- 
ment undertook to pay to the Peruvian Corporation, Ltd., In fulfilment of 
Clause C of the Protocol of 8th January, 1890, £300,000 in cash and 
£630,000 in 4^% Bonds in settlement of certain claims. £50,000 Bonds 
were sold in August, 1894, by the Peruvian Corporation, at an averagre 
price of 84^%, and £143,600 In 1895 (£100,000 at an averasre of 94^% 
and £43,600 at an averagre of 94%%). 



OHZ^BAV (H>'rT ZNTBmHATZOVAIi 6% IMAM OF 18M 

Issued £149,000. Outstanding £43,780. Interest January and July 1. 
Redeemable by a Sinking Fund of 1% per annum, applied by drawings 
In Santlagro in March and September, for repayment at par on 1st July 
and Ist January. Both principal and Interest are payable in gold In 
Santiago, London, Paris or Berlin. Bonds in coupon form, of £100 and 
£20. Free of Chilean taxes. 

Agents, London City and Midland Bank, Limited, 6, Threadneedle Street, 
E. C. Issued in Chile early in 1893. 



CnffTT.BAW GOVT 4H% JmOAM OF 1896 

Issued £2,000,000. Outstanding £1,396.700. Interest April and Octo- 
ber 1. Redeemable by a cumulative Sinking Fund of %% per annum, 
applied annually (in September) by drawings at par, or by purchase when 
under par. Redemption commenced In 1896. Government may increase 
sinking fund at any time or pay off the entire loan on 8 months* notice. 
Bonds in coupon form, of £1.000, £500 and £100. Free of Chilean taxes. 

Agents, N. M. Rothschild & Sons, New Court, St. Swlthin's Lane, E. C. 
Issued In July, 1895, at 93%. 

CHTT.'BAIff^ <H)VT 6% ^OAM OF 1896 

Issued £4,000,000. Outstanding £2.974,600. Interest January and 
July 1. Redeemable by an accumulative Sinking Fund of %% per annum, 
applied annually (In June) by purchase when under par, or by drawings 
at par. Redemption began in July, 1897, and the Government reserves 
the right to redeem the whole, or any portion of the loan at any time 
on 6 months' notice. Interest payable In London in sterling, and in 
Santiago. Paris, Berlin, Hamburg. Amsterdam and Brussels at the exchange 
of the day as well in time of war as of peace, and Irrespective of the 
nationality of the holder. Bonds in coupon form, of £1,000, £500 and 
£100. Free of Chilean taxes. 

Agents. N. M. Rothschild & Sons, New Court, St. Swlthin's Lane, R C 
Issued in July, 1896, at 95%. 



CKILBAV OOT'T 4^% COQITZMBO BAZXiWAT BOHDB OF 1899 

Issued £260,080. Outstanding £186,460. Interest June 30 and De- 
cember 31. Redeemable by a cumulative Sinking Fund of %% on 
£265,000, applied semi-annually (in April and October) by drawings at 
par or by purchase if below par. Bonds in coupon form, of £100 and 
£20. Free of Chilean taxes. 

Agents. N. M. Rothschild & Sons, New Court, St. Swlthin's Lane, R C. 
Issued in 1900 for the purchase of the Coqulmbo Railway. 



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CHILE 

OlTTTiTBAy OOTT 6% IMAM OF 1906 

Issued £1,350,000. Outstandingr £1,081,200. Interest January and 
July 1. Redeemable by a cumulative Sinking Fund of 1% per annum, to 
be applied annually (in December) by purchase when under par, or by 
drawings at par. Redemption commenced in January, 1909, while the 
Government has reserved the right' to redeem the whole or any portion 
of the loan at any time on 6 months' notice. Interest payable in London 
in sterling, and in Santiago and Paris at the exchange of the day. Bonds 
in coupon form, of £1,000. £500 and £100. 

Issued In January, 1905, by N. M. Rothschild & Sons, New Court, 
St. Swlthin's Lane, London, at 96%. Loan was created to provide funds 
for payment for certain drainage and other facilities at Santiago de Chile. 

OKZXkBAV (H>'rT 4H% QOTO^ ZiOAH OF 1906 

Issued £3,700.000. Outstanding £2.002,120. Interest April and Octo- 
ber 1. Redeemable before 1933 by a cumulative Sinking Fund of 2% 
per annum, applied by purchase below par. or by drawing Bonds at par 
In January and July for payment on following 1st April and 1st October. 
Coupons and drawn Bonds payable free of all present or future Chilean 
taxes or Imposts, at the option of the holders either in London In sterl- 
ing, in Paris, in francs at the exchange of 25.16 fcs. per £ sterling, or 
In Germany of marks at the exchange of mks. 20-50 per £ sterling. 
Coupons not presented within six years and drawn bonds within twenty 
years of maturity will be prescribed. Bonds in coupon form, of £500, 
£200, £100 and £20, or their equivalent in marks or francs at the 
exchanges of mks. 20-50 and frs. 25.16 per £ sterling respectively. 

Agents, Speyer Brothers, 7, Lothbury, E. C; Banco de Chile, 94 Grace- 
church Street, K C. 3. Issued in April, 1906. at 94 %. 

CBZUiAV 5% ^OAM OF 1909 

Issued £3,000,000. Outstanding £2,751,400. Interest January and 
July 1. Redeemable by an accumulative Sinking Fund of %% per annum, 
applied annually (in June) by purchase under par or by drawings at par. 
Redemption commenced in July, 1910, but the Government has reserved 
the right to redeem the whole or any portion of the loan at any time 
on 6 months' notice. Interest payable in London in pounds sterling, and 
in Santiago. Paris, Hamburg, Amsterdam and Brussels at the exchange of 
the day. Bonds in coupon form, of £1,000, £500 and £100. Free of 
CHiilean taxes. 

Agents, N. M. Rothschild & Sons, New Court, St. Swlthin's Lane, R C. 
Issued In January, 1909. at 96%. 

OKZUBAV GOVT 6% IkOAM OF 1910 

Issued £2,600,000, in two series — "A" £1,500,000 and "B" £1,100,000. 
Outstanding £2,211,520. Interest June and December 1. Redeemable by 
an accumulative Sinking Fund of 1% per annum, to be applied annually 
(commenced June, 1911) by purchase when under par or drawings at par. 
Coupons payable in London in sterling, and in Santiago, Berlin, Hamburg, 
Paris, Amsterdam and Brussels at the exchange of the day. Bonds in 
•coupon form, in two series — "A" of £1,000, £500 and £100; Series "B" of 
£100 and £20. Free of Chilean taxes. 

Agents, N. M. Rothschild & Sons, New Court, St. Swlthin's Lane, B. C. 
Issued In May, 1910, at 99. 



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asauuLM QOTrr 5% imam of 1911 (rxmsr sbbibb) 

Issued £4,905.000. Outstanding £4,269.360. Interest January and 
July 16. Redeemable by an accumulative Sinking: Fund of 1% per 
annum, to be applied annually by purchase when under par or by drawings 
at par (redemption commenced in July, 1912). Bonds in coupon form« of 
£1,000, £500, £100 and £20. Coupons payable in London in pounds 
sterling; in Berlin and Hamburg at the fixed exchange of mks. 20.46 per 
£1 sterling, and in Paris, Amsterdam and Brussels at the exchange of 
the day on London. Payment made in time of war as of peace, and 
irrespective of the nationality of the holder. Free of Chilean taxes. 

Agents, N. M. Rothschild & Sons, New Court, St. Swithin's Lane, E. C 
£2,452,500 offered for subscription in London in January, 1911, at 98 H, 
the balance being offered in Germany. 

Part of that portion of the loan originally issued in Germany has been 
admitted to quotation in London and Messrs. Rothschild are prepared to 
countersign these bonds in the same way as those originally issued in 
London. 



OWTTt-BAW OOT^ 6% JbOAM OF 1911 (BSCOVB BSBIBS) 

Issued £5.000.000. Outstanding £4.412.120. Interest May and Novem- 
ber 1. Redeemable by an accumulative Sinking Fund of 1% per annum, 
to be applied annually by purchase when under par or by drawings at 
par; redemption to commence in May, 1918. Coupons payable in London 
in pounds sterling; in Berlin, Hamburg, Paris, Amsterdam and Brussels 
at the exchange of the day on London. Bonds in coupon form, of £1,000, 
£600, £100 and £20. Free of Chilean taxes. 

Agents. N. M. Rothschild & Sons, New Court, St. Swithin's Lane, R C 
Offered for subscription in London In November. 1911, at 98^. 



OMZZiBAV OOTT 4H% IkOAM OF 1911 

Issued £275.000. Outstanding £213.280. Interest April and October 1. 
Redeemable by a cumulative Sinking Fund of 1V6%, to be applied semi- 
annually in March and September (commenced March. 1912) by drawings 
at par or by purchase. Government reserves the right to redeem the 
loan at any time, on 3 months' notice. Bonds in coupon form, of £100 
and £20. Free of Chilean taxes. 

Agents, N. M. Rothschild & Sons, New Court, St. Swithin's Lane, E. C. 
Issued In 1911 for the purchase of the Copiapo Railway. 



OaXXJSMJf (H>T'T 6% AVWITIS8— 8BBISB "A," •*B** AHD **0" 

Issued £3,857,388. Outstanding Series "A." £995,668; Series "B." 
£988,465; Series "C." £1.501,435. Interest January and July 1. Re- 
deemable at par by half-yearly drawings, commencing not later than 
1915, sufficient to redeem Series "A" by January 1. 1942; Series "B" by 
January 1. 1943; and Series "C" by January 1. 1944, or by purchase in 
the market below par. Bonds in coupon form, of £1,000. £500. £100, 
£20 and one of £8. Principal and interest payable in sterling in London, 
or. at the holders' option, in Belgium, Germany, Holland and Switzerland 
at the rate of exchange of the day. 

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CHILE 



Agents, J. Henry Schroder & Co., 145, Leadenhall Street, E. C, London. 
The Bonds form part of a total amount of £4,026.000 to be issued In' 
series in connection with the construction of the southern section of the 
Longitudinal Railway of Chile under Law No. 2081, dated 28d January, 
1908. Secured unconditionally by the Government of the Republic of 
Chile, in accordance with the terms of Decrees No. 2783 of 9th October, 
1911, and No. 105 of 81st January, 1912, who undertake to pay interest 
and a cumulative sinking: fund of 2% per annum on an amount equivalent 
to this issue until entirely redeemed commencing not later than four 
years from the date of the Decrees. 

Series A, £1,099,468 issued in March, 1912, at 95 by Schroder & Co. 
Series B, £1,118,945 issued in January, 1918. by Schroder & Co., at 96. 
Series C, £1.688,976 issued in February, 1914, by Schroder & Co.. at 94. 
All series were offered also in Belgium, Holland, Switzerland and Ger- 
many. Series C, £168,612. as yet unissued. Free of Chilean taxes. 



OMZKSAir OOTT QO-TSAS 8% &OAV OF 1981-1941 
Amexioaii Xssiu 

Issued $24,000,000. Outstanding $24,000,000. Dated February 1, 1921. 
Due by 1941 through sinking fund described below. Interest February 1 
and August 1. Principal, premium and interest payable in United States 
gold coin at the office of the Guaranty Trust Company of New York, 
without deduction for any Chilean taxes, present or future. Coupon 
Bonds, registerable as to principal only, in denominations of $1,000 and 
1500, not interchangeable. Guaranty Trust Company of New York, Sinking 
Fund Trustee. 

Redeemable as a whole at the option of the Chilean Government, on 
any interest date on 60 days' noticcMat 110% and accrued interest on or 
before February 1, 1981, and at 105% and accrued interest thereafter. 

These Bonds are a direct external obligation of the Republic of Chile. 
Legislation for the purpose of increasing the railroad facilities of the 
country was passed by the Chilean Congress, January 17, 1921, and pro- 
vided for this issue of bonds. In the Loan Contract under which these 
Bonds were issued, the Chilean Government covenants that if in the- 
future it shall issue any loan with a lien on any specific revenue or 
asset, these Bonds shall be secured equally and ratably with|^uch loan. 

The Chilean Government covenants to pay to the Sinking Fund Trustee, 
beginning May 1, 1921, as a Sinking Fund, equal quarterly amounts 
sufHcient to retire each year $1,200,000 principal amount of Bonds at not 
exceeding 110% and accrued interest if retired on or before February 1, 
1931, and at not exceeding 105% and accrued interest thereafter. In the 
event that Bonds are not so purchased in amounts suflicient to retire 
them at the above annual rate, the unexpended balance in the Sinking 
Fund on December 15th of each year is to be applied to the redemption 
of Bonds by lot on the following February 1 at the current redemption 
price. The amount of Interest accrued on Bonds purchased or redeemed 
is to be paid by the Chilean Government otherwise than out of the Sink- 
ing Fund. All Bonds not previously retired by the Sinking Fund are to 
be paid at maturity at 105% and accrued interest. 

Offered in February, 19^1, at 99 and interest by J. P. Morgan & Co., 
Kuhn, Loeb & Co., Guaranty Company of New York, the National City 
Company and Harris, Forbes & Co., New York, and the First National 
Bank of Boston. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



OHXLMAM €K>TBmVlQi«T 8% BOXIMI OF IMl 

TnuuMuidliM m«llwaj Oiiar«at«« m«l«M6 

Issued and outstandingr £825.000. Dated July 1, 1921. Interest January 
and July 1. Repayable through cumulative sinking fund of one per cent, 
per annum, operating through drawings at par. All payments at London 
in sterling. Denominations, £10 and multiplies. 

Issued in May, 1921, to holders of Transandine Railway Company 5% 
debentures, In lieu of the Chilean Government's Guarantee in respect there- 
of, at the rate of £55, lOs in 8% bonds for each £100 debenture. The 
debentures were In three series, "A," "B" and "C." the Government guar- 
antee running to 1926, 1928 and 1930 respectively. 



CaJLMAM (H>TBmVlQi«T 5-TSAm 8% BXTSmVAIi JbOAM 1981-1928 
Amerloaa Xmnu 

Issued and outstanding, $9,500,000. Dated October 1, 1921. Interest 
April and October 1. Principal, premium, and interest payable in U. S. 
Gold in New York City, at Blair and Co., Fiscal Agents, free from all 
Chilean taxes, present or future. Denominations, coupon $500 and $1,000. 

Repayable by sinking fund of quarterly installments, commencing Janu- 
ary 1, 1928. sufficient to purchase or retire 25% of total issue during each 
year ending October 1, as follows: 1923 at 104, and interest; 1924 at 103 
and Interest; 1925 at 102 and interest; 1926 at 101 and interest. The 
unexpended balance on October 15, to be used to redeem bonds by lot, 
on not less than three weeks* notice, on the succeeding November 15, at 
the redemption price for the year on which the Sinking Fund accrued. All 
bonds not previously retired by the Sinking Fund are to be paid at 
maturity at 101 and Interest. These Bonds are a direct external obliga- 
tion of the Republic of Chile. The Loan Contract provides that if any 
loan of the Government shall hereafter be secured by a lien on any 
specific revenues or assets, these Bonds shall be secured equally and 
ratably with such loan. 

Offered in September, 1921, by Blair and Co., at 99 and accrued interest, 
yielding approximately 10.85% if redeemed in 1923, 9.25% if In 1924. 
8.70% if in 1926 and 8.40% if at maturity. 



innTiBAw QO^rmmMMswr as-TXAm 8% BZTxmvAii &OAjr i98i-i948 

AaMrloML Im&nm 

Issued and outstanding, $10,500,000. Dated November 1, 1921. Due 
November 1, 1946. Interest May and November 1. Principal, premium, 
and interest payable in U. S. gold, in New York City, at Blair and Co., 
Fiscal Agents, free from all Chilean taxes, present or future. Denomina- 
tions, coupon $100, $500 and $1,000, reglsterable as to principal. 

Redeemable as a whole on any interest date, on or before November 1, 
1931, at 110 and Interest, and at 105 and interest thereafter. The Govern- 
ment also covenants to deposit with Blair and Co., in quarterly installments 
beginning February 1, 1922, sufficient to retire annually 4% of the total 
issue ($420,000 principal amount) at 110% and interest up to and Includ- 
ing November 1, 1931, and at 105 and Interest thereafter. Said funds are 
to be applied to purchase of Bonds In the open market at not exceeding 
the then current redemption price. Funds not applied on November 16 of 
each year are to be used to redeem Bonds by lot on the succeeding De- 
cember 15, at the redemption price for the year in which the Sinking 
fund accrued. Bonds not previously retired are to be paid at maturity at 
105 and Interest. 



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CHILE 

These Bonds are a direct external obligation of the- Republic of Chile. 
The loan contract provides that If the Government shall create or issue 
any loan secured by a lien on any specific revenues or assets, these Bonds 
shall be secured equally and ratably with such loan. 

It is stated that these bonds were issued for the purpose of making 
improvements to the Chilean State Railways including electrification work 
and the purchase of rolling stock. 

Offered in November, 1921, by Blair and Co., at 99% and accrued in- 
terest, yielding about 8.11% to maturity. 

OKZXkBAV OOITT 7M% BXTXmVA^ JmOAM OF 1982 
Btarllnir IMne 

Issued and outstanding £1,667,500. Interest January 1 and July 1 
at London In sterling (at N. M. Rothschild & Sons) and in Paris, Amster- 
dam and Brussels at the exchange of the day on London. Repayable at 
par by cumulative Sinking Fund of % per cent per annum, to be applied 
by 66 drawings in June and December of each year, for payment on July 
1 and January 1 Immediately following. First drawing June, 1923. Bonds 
to bearer of £100, £500 and £1,000. 

Authorized by Law No. 8,820 of December 23, 1921, and offered by N. M. 
Rothschild & Sons, London, in January, 1922, at 96 per cent, for instalment 
payments with discount for cash at 3% per annum as on February 1. 1922. 

Chilean Mortgage Bank Bonds 

OHXLMAM OMDVJbAB 

Miviktikg Fund Bonds of thm Oaja d* Or«dlto Xlpoteoarlo, San t iago, Clill* 
(Xortgmge Bank of Santiago, CliU*) 

Issued and outstanding in various series dating from 1911, different 
series bearing Interest at 5%, 6%, 7% or 8%, and being payable in sterling, 
in French francs or in Chilean pesos. E^ach series is payable only in the 
currency in which issued. Interest semi-annually. Principal repayable 
through cumulative sinking fund of 1% per annum, operating by semi- 
annual drawings at par; each series has its own sinking fund calculated to 
retire all bonds within from 80 to 40 years. The Bank reserves the right 
to Increase a sinking fund or pay off the bonds outstanding of any series 
at any time. 

Cedulas outstanding December 31. 1920, were: in Chilean pesos at 6%, 
68,481,000; at 7%, 154,849,000; at 8%, 249,190,000 pesos. In French francs 
at 5%, 86,595,500 francs. In sterling, £468,690. 

A block of 8% Bonds, interest June 30 and December 31, denominations 
of 1,000 and 5,000 Chilean pesos, offered In April, 1922, by Abraham & Co., 
New York, and others, at prices to yield a direct income of over 7% at 
current rates of exchange or over 15% at exchange of 25 cents (the average 
rate for the peso from 1900 to 1920 Inclusive. 

yottd— The Caja de Credito Hlpotecario (Mortgage Bank of the Republic 
of C!hile) is owned by the Chilean Government and was established in 
1856 for the purpose of making loans to landholders. These loans are 
secured by mortgages on real estate to an amount not exceeding 50% of 
the value ascertained by a thorough appraisal. In addition to the security 
of the mortgage collateral each bond is secured principal, Interest and 
sinking fund by the entire resources of the Bank. 

The CaJa de Credito Hlpotecario has been Issuing cedulas since 1855. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



The Chilean Treasury invests various funds In these securities. A large 
proportion of the funds of the National Savings Banks of Chile are 
Invested In them and they are purchased for trust funds by guardians 
and trustees. In Europe the security of these bonds is considered to be 
practically that of the Chilean Government. No default has ever occurred 
in payment of principal or interest of these Cedulas. 

The balance sheet of the Bank is given below. There is no capital 
stock, and the profits are limited by law to an amount necessary to cover 
Its administrative expenses and to maintain a reserve fund. The reserve 
funds together with the real estate loans constitute the guarantee on the 
bonds of the institution. The reserves and the mortgage bonds outstand- 
ing are divided into three separate classes, viz.: Chilean currency, francs 
and pounds sterling: 

Balance Sheet, December SI, 1920 
Chilean 
ASSETS Currency 

Real Estate Loans $467,920,274 



Cash & Bond Deposits 7,688,606 

Reserve 17,289,624 

Interest Accrued 10,468,977 

Deposited Bills, Secured Lioans, 

etc 229,262,668 

European Correspondents 

Other ' 224.090 

Total $782,839,028 

LIABILITIES Currency 

Bonds outstanding $428,620,600 



Francs 

48.068,982 

784,729 

7,626.600 

70.740 



60.969.318 
1.304,698 

108,673.967 

Francs 
86,696,500 



Security for Franc Bonds. 

Special Amortization 

Reserve Funds 

Pledges, etc 

Held Bonds 

Other 



89,103,698 

846.600 

24.237,690 

10,018.895 

227.882.600 

3,136,250 



Total $732,839,028 



7.621.600 

7.601,846 

61,748.648 

1.206,673 

103.678.967 



Sterling 

£468.696 

12,166 

70.740 

4,610 



188 
29,141 

£614.608 

Sterling 
£468,690 



81,860 



14.068 



£614.603 



Chilean Municipal Bonds 



A»TOFAOA«TA, OETT OF, 6% QVAMAJKTBVD &OAV 

(ITnoondrtiomilly i^uaranteed by the Ohilean Ooy^) 

Issued £200,000. Outstanding £169.100. Interest June 80 and De- 
cember 81. Redeemable by an accumulative sinking fund of 2% operating 
by purchase, or by drawings in May and November for payment at par 
June and December, the whole of the loan to be redeemed at the latest 
December 81, 1939, but the municipality reserves the right of redemption 
at any time after 1924 upon six months' notice. Free of all taxes, present 
and future. Denominations, Bonds to Bearer of £100. Offered in July, 
1914. in London at 97%. 

The law authorizing the raising of this loan provides for an increase 
in taxes on alcohol and vehicles, also an Increase In the property tax in 
the city, the entire amount being set aside for the service of this loan. 

Agents, Banco de Chile. 94 Gracechurch Street, E. C. 8. 

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CHILE 



OOVOZFOXOV, CZTT OF, 5H% BTBB&nrO XiOAV 
CVnoondltiOBaUy ffnamita^d liy tb* OlillMJi Cknr*t) 

Issued £150,000. Outstandingr £124,100. Interest June 80 and Decem- 
ber 81. Repayable In sterllngr at par within 25 years by a cumulative 
sinking fund of 2% per annum, applied by drawings in June smd December 
for payment July 1 and January 1, commenciner June 80, 1918. Denomina- 
tion, Bonds to Bearer of £100. Free from all taxes. Offered at par, 
£100.000 in December. 1912, and £50.000 in January, 1914, by the Anfflo- 
South American Bank and ESrlangers. 

Secured by a tax of 6 per mille assessed on the valuation of property 
In the Municipality of Concepcion. and any surplus of the tax after 
meeting the service of the loan is applied to supplementary drawings 
at par. 

Agents, N. M. Rothschild & Sons, New Court. St. Swithin's Lane. 
London. 

TAX^AMAIBO, OQETT OF, 5H% WATBBBOJkB3> &OAV OF 1919 
CVkooiiditloiially guaranteed by the OhSleaa Oor^) 

Issued £250.000. Outstanding £209.600. Interest April 1 and October 1. 
Bedeemable by October 1. 1940, by a cumulative sinking fund applied to 
the purchase of bonds at or below par, or by drawings In March and 
September for payment at par on April 1 and October 1. the Waterboard 
reserving the right to repay the whole or any part of the issue at par 
after October 1, 1922. upon six months' notice. Payments made in London 
In sterling. Denomination. Bonds to Bearer of £100. Free from all taxes, 
present and future, of the Government or the municipality. Issued in 
July. 1912, at 99%. 

Agents, J. Henry Schroder & Co., 145 Leadenhall Street London. 

The water supply of the city was formerly controlled by the munici- 
pality, but in September, 1897, it was taken over by the Government, and 
the management of the waterworks is now in the hands of a Board, com- 
posed of the Provincial Administrator of Valparaiso, as chairman, of two 
citisens. and of two members of the municipality, one appointed by the 
President of the Republic, and the other by the municipality. The Board 
Is therefore under the direct control of the Ministry of the Interior, and 
the waterworks are therefore a fiscal undertaking of the Government. 

▼ZVA DX& MAM, OXTT OF, 6% ftOAJT 
(UnooiidltlonaTly gnaraiiteed by the Clilleaii Ctov't) 

Issued £200.000. Outstanding £169.720. Interest January 26 and 
July 26. Principal and interest payable In sterling. Redeemable within 
80 years from January 26, 1918, by drawings at par in June and December, 
for payment July and January 25, or by purchase at or below par in June 
and December, but the municipality reserves the right to redeem the 
whole or any part of the loan at any time after 1922. upon six months' 
notice. Free from all taxes, present and future. Denomination, Bonds 
to Bearer of £20 and £100. Offered in M}ay, 1918. at 95%%. 

By Law No. 2712. authorizing the loan, the tax on property in the 
municipality is collected by the fiscal authorities of the Government, who 
undertake the service of the loan. 

Agents. London, Joint City and Midland Bank. Ltd.. 5 Threadneedle 
Street. E. C. 2. 

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Dollar Issues 
Sterling Issues 



Abroad we maintain the best correspondents: 
at home the best expert service 



Use the wires at our expense 



F. J. LISMAN&CO. 

Members New York Stock Exchange 
Since 1895 



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CHINA 



Square miles 

China proper (18 provinces) 1.532,420 

Hsinchiangr 560,840 

Manchuria 868,610 

Mongrolia 1,867,600 

Tibet 468,000 



Total 4,277,170 

POFV^ATZOV 

The first official census of China ever undertaken was compiled in 
1919 by the Chinese post office, and while only an estimate it is con- 
sidered pretty fairly accurate. The total is griven as 427,679,214. Tibet 
and Mongolia are excluded from the figures below. By provinces the 
flgures are: 



Province Total Pop. 

Anhui 19,832,665 

Chekiangr 22.048,300 

Chihli 34,186,711 

Pnkien 18,157.791 

Honan . . : 30.881,909 

Hunan 28.443,279 

Hupeh 27,167,244 

Kansu 5,927,997 

Kiangsi 24.466,800 

Klangsu 33,786.064 

Foreign Population of Clilna 

The following table indicates, 



Nationality 

American 

Austrian 

Belgian 

Brazilian 

British 

Danish 

Dutch 

French 

German 

Hungarian 

Italian 

Japanese 

Norwegian 

Portuguese 

Russian 

Spanish 

Swedish 

Nontreaty powers 



Province Total Pop. 

Kwangsi 12.258,836 

Kwantung 37,167,701 

Kweischow 11,216,400 

Shansi 11,080.827 

Shantung 80.803.246 

Shensi 9.465.558 

Szechuan 49.782.810 

Yunnan 9.839.180 

ManchuHa 18,701,819 

Sinkiang 2.519.579 



[ndicates 


. by nationalities. 1 


the foreign population 


ent in China in 1913. 1918 and 1919: 






Persons 




Firms 




1913 


1918 


1919 


1913 1918 


1919 


5.340 


5.766 


6.660 


131 234 


814 


419 


271 


27 


22 16 


6 


178 


360 
16 


891 


18 20 
1 


20 


8.966 


7,953 


13,234 


690 606 


644 


354 


475 


546 


14 23 


27 


161 


877 


367 


10 24 


25 


2,292 


2,580 


4.409 


106 156 


171 


2.949 


2.651 


. 1.835 


296 75 


2 


21 


7 


11 


2 


.... 


355 


535 


276 


39 36 


19 


80,219 


159,950 


171,485 


1.269 4.483 


4.878 


249 


279 


249 


7 11 


12 


3.486 


2,417 


2,390 


46 43 


98 


56,765 


59,719 


148,170 


1.229 1,154 


1.760 


136 


298 


272 


22 9 


8 


292 


530 


632 


3 3 


4 


1.645 


843 


587 


6 36 


83 



Total 



163,827 244.527 350.991 3.805 6,9!tn 8.015 
851 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 



OOl 

The Government of China is a constitutional republic operating nomin- 
ally under the Provisional Constitution promulgated in Pekin on March 
10. 1912. The Government is composed of a President, a Vice-President 
and a legislature consisting of a Senate and a House of Representatives. 
The new national government at no time since Its inauguration has been 
able to rule the country completely. The southern portion of the old 
Chinese Empire and the military governors in several of the provinces 
have not accepted the authority of the present central government and 
for several years past there has been a struggle between the "North" 
(Pekin Government) and the "South" (Canton (jk>vernment). The promul- 
gation of the unification mandate on October 80, 1920, was expected to 
reunite the country, but this result has not been accomplished. 



OOTBBVIISVT OF 

Since the dissolution of the Imperial Government in 1912, the adminis- 
tration of the provinces has been largely in the hands of native military 
leaders, who have assumed the administrative functions of civil ofDoers. 
Under a new system of provincial administration promulgated on May 
28, 1914, provincial administrative power is vested in a civil governor 
appointed by the President of the Republic. He is to be assisted by four 
chiefs of Administrative Departments, dealing respectively with (General 
Affairs, Interior, ESducatlon and Industry. For administrative purposes, 
each province has been divided into circuits, which in turn have been sub- 
divided into districts. The Provincial Assemblies, which had been dis- 
solved, were restored after the death of the President Yuan Shlh-kal in 
1916. 

The provincial governments, though nominally responsible to the 
national government, have created indebtedness and contracted foreign 
loan obligations. Several of these provincial loans have been secured by 
specific assets or revenues. 



OUmBBMOT 

Monetary Units— Haikwan Tael=|1.89 U. S. (average for 1919) 
Yuan Silver Dollar 
Mexican Silver Dollar 

The Tael is the unit of currency for Chinese and foreign commerce. 
It is not a coin, but a weight, a Chinese ounce of silver. Silver Taels 
circulate in "shoes" of different weights, never exact, and the silver 
varies in degree of fineness. Different taels are in use in different 
provinces. 

The Haikwan Tael is in theory a pure silver tael, equal to Mex. $1.50. 
It is not coined but is entirely a money of account; all duties levied by 
the Maritime Customs are calculated in it; it is not used for commercial 
or business transactions of any other kind. The values of other taels 
are based on their relation to the Haikwan Tael, duties being paid in the 
local currency of each port at a rate of exchange fixed by the Custom 
House of the port The exchange rates of the Haikwan Tael in foreign 
currencies are settled each month by the (Customs authorities. The aver- 
age value of the Haikwan Tael In United States gold was in 1918. $0,7415; 
in 1918, $1,193; in 1919. $1,869. 

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CHINA 

The Yuan Dollar at 100 cents is the official monetary unit of the 
Chinese Republic. It is a silver coin minted at Tientsin and is equivalent 
to 0.644+ of the Haikwan Tael. Comparatively few of them are as yet 
in circulation, though this dollar is current and is leg^al tender in all of 
the provinces. 

The Mexican Dollar has been the most popular medium of exchanere for 
the last fifty years, and is still in greneral use in Shanghai. It is being 
rapidly superseded by the Chinese dollars. 

Other Dollars. A large number of other dollars are in circulation, such 
as the old Spanish or Carolus dollar, the Hong Kong dollar. Straits dollar, 
etc., and over ten kinds of Chinese dollars. Chinese currency, in fact, 
is in a state of bewildering confusion, and it is recognised by the Qovem- 
ment that currency reform is among the most pressing needs of the 
country. 

FAFBB CUMMMmOY 

There Is no Government paper currency. Bank notes are issued by 
the Bank of China and the Bank of Communications, by thirteen provincial 
government banks, by fourteen foreign banks operating in the treaty 
ports, and by about 4,000 native banks. 

The Bank of China, the official government bank, was established in 
1912, the first year of the Republic, to take the place of the Ta-Ching Bank 
which had been the official financial institution of the Manchu Imperial 
Government. The Bank of China undertook to redeem various issues of 
provincial notes and military notes, substituting its own notes redeem- 
able in silver. Out of the proceeds of the Reorganization Loan of 1913, 
£1,0D0,000 was released by the Salt Administration for the purpose of 
establishing a silver reserve for these notes. Head office of the Bank of 
China is at Peking. 

In October, 1915. the Bank of Communications, the fiscal agent of the 
Ministry of Communications (which controls railways, telegraphs and 
postal service) was made a national bank with power to issue notes. One 
of the reasons for this action is said to be that the Bank of Communica- 
tions was controlled by a powerful political party that was not wholly in 
sympathy with the policies of the Bank of China. The head office of the 
Bank of Communications is at Tientsin. 

Statement of the Bank of China 
(in Chinese dollars) 





Paid up 


Reserve 






Notes in 




Capital 


Fund 


Deposits 


Advances 


Circulation 


1920... 


. 12,279,800 


5,978,425 


190,252,297 


178,429,264 


66.884.108 


1919... 


. 12,279,800 


4.116,772 


181,459,859 


184,052,092 


61,860,088 


1918... 


. 12,279.800 


3,197.486 


150,924,570 


143.482.069 


52,170.299 


1914... 


. 10.000.000 


118.068 


58,891,685 


49,967,795 


16,398,178 




Statement of the Bank of Communications 








(in Taels) 








Paid up 


Reserve 






Notes in 




Capital 


Fund 


Deposits 


Advances 


Circulation 


1920... 


7,500,000 


3,543.828 


64.260.024 


61,938,175 


35.170,192 


1919... 


7,600,000 


3.295,186 


81,009,719 


79,009,092 


29.272,653 


1918... 


7.500,000 


2,175,188 


52,864,175 


78,084,289 


35.184,568 


1914... 


5.000.000 


619,476 


49,052,676 


28,527.000 


6,957.627 



868 



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KIMBER'8 RECORD OF GOVERNMENT DEBTS 

Notes of the Bank of China and Bank of Communications have not 
usually been redeemable in silver, except in limited amounts, and are 
nearly always worth less than their face value in silver. The discount 
has often been as grreat as 40 per cent. Various expedients have at times 
been adopted to raise the value of these bank notes. At one time all 
railway passengrer fares were made payable in these Government bank 
notes at par; at another time, half in gold and half In silver. Similar 
rulings were made in resrard to freight rates, though the proportion of 
notes acceptable for freight never exceeded 50 per cent. These expedients 
have created something of a demand for the notes and probably have 
exerted some influence in keeping up their market value; probably the 
use of the notes on the railways carried the notes into the Provinces 
and lessened the demand for their redemption at Peking and Tientsin. 
But as the railways (which are owned by the Government must pay their 
foreign interest in specie; the Ministry of Finandb has had to arrange 
with the banks to cash at par a certain amount of the notes received by 
the railways. 

It is recognized that an adequate reserve in metal is essential if 
China is to have a stable currency, but there is no such reserve at this 
time. Huge amounts of uncovered paper notes of provincial banks are 
outstanding. In December, 1921, for instance, the director-general of 
the Hupeh Government Specie Bank (Hupeh Province) reported that over 
1100,000,000 notes (Chinese currency) were in circulation in that province; 
these notes were issued to finance military operations and -had no metallic 
cover. Similar Issues have been put out in other provinces. 

No reliable estimate of the total amount of bank notes outstanding 
in China, with statement of metallic cover, is available (March, 1922). 



voBszev o( 



(In U. S. Dollars) 















Per 






Per Cent 






Cent 




Total 


Imports 


from 


Total 


Exports 


to 


Tear 


Imports 


from U. S. 


U.S. 


Exports 


to U. S. 


U.S. 


1920... 


. 987,668,000 


146,736,000 




666,206.000 


192,706.000 


• • • 


1919... 


. 924,168,000 


146,896,000 




907,040,000 


187.420,000 


. . . 


1918... 


. 689.014,000 


70.001,000 


10.2 


679,661,000 


92,006,000 


16.9 


1917... 


. 669,740,000 


61,988,000 


11.0 


471,642,000 


96,688,000 


20.6 


1916... 


. 427.766,000 


44,684,000 


10.4 


899,087,000 


59,707.000 


14.9 


1916... 


. 291.968.000 


22.671,000 


7.7 


266,848,000 


87.076,000 


14.6 


1914... 


. 881,808.000 


27.219,000 


7.1 


280,447,000 


26.604,000 


11.6 


1918... 


. 427,406.000 


26,826,000 


6.0 


294,010,000 


27.447,000 


9.8 


1912... 


. 860,278.000 


26.849.000 


7.6 


274,822,000 


26.997,000 


9.6 


1911... 


. 806,812,000 


26.664.000 


8.7 


246,638.000 


22.102,000 


9.0 


1910... 


. 810,966,000 


16,182.000 


6.2 


248,498,000 


21,069.000 


8.6 



Values for both imports and exports are current market values at 
Chinese ports, c. L f . and f. o.* b. respectively. The figures given are from 
the U. S. Department of Commerce. 

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CHINA 

Official figrures showing the values of imports and exports for a series 
of years are ^ven below. The amounts are in Haikuan Taels (see under 
currency) : 

Total Imports Total Exports 
Hk. Taels Hk. Taels 

1920 762,260,000 641,631,000 

1919 646,998.000 680,809.000 

1918 664,893,000 486,888,000 

1917 649.619,000 462.931,000 

1916 616,407,000 481,797.000 

1916 464.476.000 418.861.000 

1914 569,241.000 366,227.000 

The value of the tael fluctuates with the price of silver, and no basis 
can be given for conversion of the above figures into United States dollars. 
They are sufficient to show, however, that Chinese trade is steadily and 
rapidly growing, both imports and exports. 



The revenues of the Chinese Central Government are derived from the 
following sources: Land Tax 30%, Cunstoms Revenue 22%. Salt Tax 
26%, Taxes on Commodities 12%. Direct and Miscellaneous Taxes 10%. 
All Cus'toms revenue is paid into foreign banks designated for the pur- 
pose by the Bankers' Commission, who allot therefrom the payments 
for the service of foreign loans secured on the Customs Revenue, and 
for the Boxer Indemnity, which is also secured on the Customs. 
Year ended Revenue Expenditure 

June 80 U. S. Dollars U. S. Dollars 

1920 647.692.000 €47.692.000 

1917 288.628.000 310.182.000 

1916 241,091.000 262,632,000 

1912 193,261.000 376.147,000 

1911 193.795,000 229.031,000 

The above are budget estimates, converted into dollars by the U. S. 
Department of Commerce, the flgures should be taken with the greatest 
reserve. The latest available Chinese official reports give Revenue for 
the year ended June 30, 1914, 667.031,167 Chinese dollars; 1917, 472.- 
838.886 Chinese dollars. Expenditure. 1914, 632,236.876 Chinese dollars; 
1917, 472,838,684 Chinese dollars. The same reports give the value of the 
Chinese dollar in 1914 as 2.35 francs, in 1917 as 3.66 francs. 

No official nor trustworthy reports on the revenues and expenditures 
of the Chinese Government have been received for 1921. The yield of 
various revenues is discussed under their respective heads. 



BBS ICABXTZICB CVSTOMB 

The Chinese Maritime Customs was established about the middle of 
the last century to collect Import and export duties at the Chinese ports 
open to foreign trade. The operation of the customs organization has 
always been under the direction of foreigners. By agreement dated Febru- 
ary 13. 1898, the Chinese Government is to retain a British subject as 
Inspector General of the Maritime Customs so long as British trade in 
the treaty ports exceeds that of any other nation. In addition to exports 
and imports, the Maritime Customs is charged with the collection of 



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KIMBBR'8 RECORD OF GOVERNMENT DEBTS 

customs on coastwise trade in foreism built bottoms, and since November. 
1901, it has collected the native duties at the treaty ports which have 
been hypothecated for the service of the Boxer Indemnity. The Maritime 
Customs receipts are paid into a bank attached to each customs office. 
The funds thus deposited are allotted by the Bankers Commission to the 
service of the foreign bonds specifically secured by the customs revenues. 

Certain external bond issues of the Oovemment of China are specially 
secured by lien upon the revenues of the Maritime Customs. 

The 4 per cent, external loan of 1895 is secured by a first direct chargre 
upon the Maritime Customs revenues, with priority over subsequent loans. 
The 6 per cent, external loan of 189C is secured by a second charge upon 
the same revenues.- The 4H per cent, external loan of 1898 is secured 
by a third charge upon the Customs Revenues with an additional lien on 
certain li-kin and other internal taxes. A fourth charge upon the Customs 
Revenues is the service of the 4 per cent, boxer Indemnity debts of 1901, 
series A« B, C, D and E, which debts also have a lien upon the salt gabelle 
and certain other revenues. 

The 5 per cent, reorganisation loan of 1918 is secured by a lien on the 
salt gabelle, subject to charges in favor of previous loans, and secondly 
by a charge on the surplus of the Maritime Customs Revenues, subject 
of course, to the prior charge upon those revenues in favor of the bonds 
above mentioned. 

The revenue from the Chinese Maritime Customs for the year 1920 
amounted to approximately 49,600.000 Halkwan taels, which, at an average 
exchange rate of 6s. 9Hd., is equivalent to £18,800,000, representing an 
increase of 3,600,000 taels on the previous record collection of the year 
1919. After meeting all foreigrn loans and indemnity obligations, and 
including the service of the reorganisation loan, the sum of 28,100.000 
taels was released for the use of the Central Government. 

The Maritime Customs Revenue for 1921 amounted in round figures to 
64,600,000 Haikwan taels, which is an increase of 6,000,000 taels on the 
previous record collection of 1920. All foreign loan and indemnity obliga- 
tions secured on these Customs Revenues, and all domestic loan obliga- 
tions indirectly secured on the surplus thereof, were fully met in 1921. 
X A further large increase in the amount of these Customs Revenues is 
assured for the year 1922. By the terms of the Chinese Customs Treaty 
signed at Washington on February 4th, the Customs schedule of duties 
on imports into China must forthwith be revised so that the rates of duty 
will be equivalent to 6 per cent, effective. A revision commission is 
appointed to meet at Shanghai at the earliest practicable date and to 
proceed with the revision as rapidly as possible with a view to its com- 
pletion within four months from the date of the signing of the Treaty. 
The revised tariff is to become effective as soon as possible, though not 
earlier than two months after its publication by the revision commission. 
The Customs Revenues to be collected during the latter half of the year 
1922, therefore, will in all probability be at higher rates, increasing the 
protection for the bonds which are secured upon these revenues. 



The Salt Gabelle, or Salt Administration, Is headed by European 
officials, but actual collections are made by Chinese officials throughout 
the Provinces, paid into Chinese banks and thence remitted to Peking. 
The total Salt Revenue collected and paid into the banks, after deduction 



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CHINA 

of administrative expenses, was: in 1919 |80,607»000, in 1920 $79,064,000. in 
1921 177.795,000 (Chinese currency). 

Of the 1920 yield, after meeting^ all obligrations secured on these 
revenues a surplus of about 164,000,000 remained, but of this amount some 
124,000,000 was retained locally or appropriated by provincial military or 
other officials, and the amount actually released for the greneral purposes 
of the Chinese Government was 140,018.000 (Chinese currency). 

Of the 1921 yield, some $18,452,000 was retained by provincial or local 
authorities, chiefly in the Provinces of Kwang-tung:, Szechuan. Yunnan 
and Hunan, and the amount released for the greneral purposes of the 
Chinese Government was $51,981,000 (CJhinese currency). ^ 

Vat«. — The releases mentioned are apparently after meeting: the foreign 
obligations only. Lacking official figures, it would appear from current 
reports that the Government has pledged practically all of the Salt 
Revenue surplus under various domestic obligations, and that none of it 
is actually available for the general purposes of the Government. 

VATZOVAl^ FVB&ZO DBBT 

The following official statement, as of October, 1920, gives the National 
Public Debt of China classified as to the Nation to which due and in the 
currency In which due. 

This Is the latest official Statement of the debt up to March 1, 1922. 



Vatlon 
Japan 



Great Britain 

United States 
Russia 



Italy 



France 



Belgium 



Netherlands 



Spain 

Portugal 

Sweden 

Franco-Russian 

Anglo-German 

Anglo-French 

Consortium 

(five Powers) 

Totals of External Debt 
791.104,941. Lire 147,051,159, 



Oiirr»nc7 

Ten 
£ 

Taels 
£ 

Taels 
Gold Dol. 
£ 

Chin. Dol. 
Taels 
Lira 
£ 

Franc 
Taels 
Chin. Dol. 
£ 

Franc 
£ 

Chin. Dol. 
Florin 
Taels 
Franc 
£ 
£ 

Franc 
£ 
£ 
£ 



Itong Term 

127,800,000 
7,531,985 



16,561.547 

23.455,507 
30,759,683 



147,051,159 



Short T«rm 

51,202,985 

269,540 
2,798.200 

713,295 
1,441,000 



501,998,195 



46,873,522 



1,910.191 

690,068 

20,887 

12,815 

198,538,904 

20,503,998 



880.000 
944,323 

79,500 

43.004.252 

842.360 

120,000 

12.103 

6,468 
280,000 

459,204 



25.000,000 



33,791 



Total 

179,002,985 

7,531,985 

269,540 

19,859,747 

713,295 

24,896.507 

30,759,683 

830,006 

944,323 

149,051,159 

79,500 

545,002.447 

842,360 

120,000 

12,103 

46,878.522 

6,468 

280,000 

1,910.191 

459,204 

690,068 

20,887 

12,815 

198.538,904 

20,503,998 

33.791 

25,000,000 



$24,896,607 (U. S.), £103,320,477, Francs 
Dutch Florins 1.910,191. Ten 179,002.935. 

867 



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KIMBER'8 REX;ORD OF GOVERNMENT DEBTS 

TaeU 8.228,722, Chinese dollars 1,280,000. Total Internal Debt, Chinese 
doUars 241,709,867. 

The Internal debt has been sreatly increased over the fl^rures shown 
above by the issue of numerous series of short term notes and bonds. 
No official flgrures of the amount outstanding: can be obtained (March, 
1922). 



umwHitK ooY^ 4% BozBm XHBBmnrr dbbt or isoi 

The indemnity debt is divided into five series, payable as shown below: 
^ Series "A," taels 76.000.000. repayable 1902-1940. 
Series "B." taels 60,000,000, repayable 1911-1940. 
SeHes "C/* taels 160,000,000. repayable 1916-1940. 
SeHes "D." taels 60.000.000. repayable 1916-1940. 
Series "E." taels 116.000.000, repayable 1932-1940. 
Vote — ^All of the above series are secured by the balance of the 
revenues of the maritime customs after payment of pre-existing charges, 
native customs, revenues at open ports, and the salt gabelle. 

Interest January and July 1. Payable in annual installments, the first 
payment fallingr due January 1, 1903, and the final payment at the close 
of 1940. The amount of indemnity payable annually is Taels 24,483,000, 
approximately £3,649,200. 

irote^ — For yield of the asslgrned revenues see under heading The 
Chinese Maritime Customs and Salt Revenues on precedinsr page. 



BOXBm XHBBl 

Under the terms of the Peace Protocol signed on 7th September, 
1901, China agreed to pay to the Powers an indemnity of H.t. 460,000,000 
to constitute a gold debt and to carry interest at the rate of 4%, payable 
on 1st January and 1st July. The amortizations to be payable in annual 
Installments, the first falling due Ist January, 1908, and the final payment 
at the end of 1940. The payment of the indemnity to be secured, first, 
upon the revenues of the Maritime Customs (subject to the service of 
such of the above loans as are secured on the Customs), the existing tariff 
on maritime imports being raised to an effective 6%, including articles 
formerly on the free list, but exempting rice, foreign cereals and flour, 
gold and silver bullion, and coin; second, the revenues of the native 
Chistoms administered in the open ports by the Maritime Customs; third, 
the revenue of the salt gabelle with the exception of that portion previ- 
ously set aside for other foreign loans. The raising of the import tariff 
was subject to the conditions that it should be enforced within two 
months of the signing of the Protocol, that the existing ad valorem im- 
port duties should be converted, as far as possible, into specific duties, 
based upon the average value of merchandise during the years 1897, 1898 
and 1899, and that the beds of the rivers Whang-poo and Pel-ho should 
be Improved with the financial participation of Cnilna. 

868 



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CHINA 

The following table shows the manner in which the indemnity was 
divided: 

Proportion Haikuan Foreign 

per cent Taels. Currency. 

Germany 20.015 67 90,070.615 Mks. 278,166.428.93 

Austria-Hungary 0.889 76 4.003.920 Kr. 10.894,092.40 

Belgium 1.885 41 8.484.345 Fr. 81,816,298.75 

Spain 0.030 07 136.315 Ps. 607,431.25 

United States 7.319 79 32,939.055 •DoL 24.440,778.81 

France 15.750 72 70.878.240 Fr. 266,793.400.00 

Great Britain 11.249 01 60.620.645 £ 7.593.080.19 

Portugal 0.020 60 92.250 £ 18,837.17 

Italy 6.914 89 26.617,006 Lire 99,808,768.75 

Japan 7.731 80 34,793,100 Ten 48,960.891.70 

Holland 0.173 80 782,100 Fi. 1.404,651.60 

Russia 28.971 36 130,371,120 Rls. 180.084,021.44 

Norway and Sweden 0.013 96 62.820 £ 9,428 

Sundry 0.038 26 149,870 £ 88.450.10 

•Ot which $10,785,286.12 was remitted in 1908. 

By the treaty between Qreat Britain and China signed on 6th Septem- 
ber, 1902, it was agreed (subject to the assent of all the Powers entitled 
to most-favored-nation treatment) that all barriers of whatsoever kind 
epUecting li-kin or such-like dues or duties, should be permanently 
abolished on all roads, railways and waterways In the eighteen provinces 
of China and the three Eiastem provinces, as from 1st January, 1904. 
This provision does not apply to native Custom Houses then in existence 
on the seaboard or waterways, at treaty ports, on land routes, and on 
land frontiers of China. 

To make up for the abolition of li-kin, and in consideration of the 
other reforms provided for, a special surtax to be payable on importation 
of foreign goods in addition to the effective 6% import duty as provided 
for in the Protocol of 1901, such surtax being equivalent to one-and-a-half 
times the said duty; but this provision not to impair the right of China to 
tax salt, native opium and native produce as provided for in sections 8, 5, 
5 and 8 of the treaty. 

The signature of the treaty took place after an arrangement regarding 
the question of the surtax funds had been made by an interchange of 
letters which form part of the treaty. By these letters it is agreed that 
the funds shall be held by the Customs to the order of the provincial 
Viceroys, and Governors, it being however understood that the Customs, 
on receipt of instructions from the provincial authorities, will remit to 
Peking amounts equivalent to the former li-kin remittances, together with 
the amount required in respect of the li-kin charged as security for the 
loan of 1898. It is furthermore stipulated that the surtax shall not be 
pledged as security for new foreign loans or for liabilities already con- 
tracted by China, except in so far as 11-kin revenue has already been 
pledged to an existing loan. 

In November. 1904. it was announced that China had made proposals 
for the settlement of the question as to whether the indemnity should be 
regarded as a gold or silver debt, and, in return for certain remissions 
and allowances, had undertaken to pay the whole indemnity on a gold 
basis. 



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KIMBBR'S RECORD OF GOVERNMENT DEBTS 

rATXOVAl^ 00V80BTXUM 

In May, 1918, the C?hlnes€ Government floated a "Reorgranization Loan" 
througrh a consortium of Ave banking: orgranizations known as the "Five 
Power Group." Under the terms of this loan contract, the Chinese Govern- 
ment agrreed to ^ve the lending banks the option of undertaking: future 
loans issued by the Government at a commission of 6% when secured by 
a tax on the revenues of the Salt Administration or when issued for the 
same purposes as named in the "Reorg:anization Loan Department." The 
European war disrupted the five-power g:roup org:anization, and the Chinese 
Government has since borrowed througrh other channels, having: received 
a number of loans from Japanese and American Sources. 



VHW COHSOmTZUM 

In 1918, before the end of the European war, a new consortium repre- 
senting: bankers of Great Britain. France. Japan and the United States 
was proposed. The new consortium received the sanction of the State 
Department at Washing:ton in the following: terms (letter to the bankers. 
July 9. 1918): 

"In these circumstances the formation of a four-power group, to 
consist of financial interests of the United States. Great Britain, France 
and Japan, to deal with the Government of China for the purpose of mak- 
ing: loans to that Government seems advisable. If the terms and con- 
ditions of each loan are submitted to and approved by this Government 
and the other co-operating: Governments, and by the Government of China, 
this Government would not -only interpose no objection, but, on the con- 
trary, would consider such an arrang:ement an assurance that the welfare 
of China and the proper interests of the other Governments were of such 
a mutual character as to permit of close and friendly intercourse for their 
common g:ood. I think that I should say frankly that this Government 
would be opposed to any terms or conditions of a loan which soug:ht to 
impair the political control of China or lessen the sovereigrn rig:hts of 
the Republic." 

On Oct. 8, 1918. the State Department announced to the French, British 
and Japanese Embassies, that thirty-one banks had Joined the American 
g:roup and were representative of all sections of the country. 

The principal terms of the New Consortium Agrreement. dated October 
15, 1920, are as follows: 

1. Each group reserves to itself the right of increasing or reducing 
the number of its own members, but no group Is entitled to admit Into 
its group a new member who is not of its nationality and domiciled In 
its market. 

2. The agreement relates to loans of the Chinese Government or to 
Provinces of China, or to companies or corporations owned or controlled 
by or on behalf of the Chinese Government or any Provincial Government 
or to any party if the transaction in question is guaranteed by the Chinese 
Government or a Chinese Provincial Government. 

8. "The existing agreements and any future loan agreements to which 
this agreement relates and any business arising out of such agreements 
respectively shall be dealt with by the said groups in accordance with 
the provisions of this agreement." 

4. Each group shall participate equally in the rights and obligations 
of all contracts and shall take an equal share in all operations of the 
consortium. Should one or more of the groups decline a participation in 



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CHINA 

the existiner agrreements or any of them, or In any future loan business 
the groups accepting a participation shall be free to undertake the same, 
but shall issue the loan on Its or their markets only. 

5. All contracts shall so far as possible be made so as not to impose 
Joint liability on the grroups. but each srroup shall liquidate its own engage- 
ments or liabilities separately. Each grroup is to ofter bonds only in its 
own market, "it being: understood that the issues in the respective markets 
are to be made at substantial parity." 

6. Any one of the groups participating in a loan is entitled to call 
upon one or more of the other groups to issue for its account either all or 
one-half of the amount which may constitute its participation. Such 
"residuary participation" is to be offered at a selling commission not to 
exceed 1H%. 

7. No participation shall be given by any one of the groups outside 
its own market. 

8. The consortium agreement is to remain in force for five years, but 
a majority of the separate groups may terminate the agreement by giving 
the other groups twelve months previous notice. 

The execution of the Consortium agreement and its confirmation and 
approval by the four governments whose banking groups were signatory 
to it. were made known to the Chinese Government by oflflcial communica- 
tion dated January 18. 1921, signed by the Ministers to China of the four 
governments concerned. The Chinese Government, however, has not 
accepted or approved the Consortium agreement, and is not a party to it 
(March, 1922). 



A financial development of the first importance was the formation in 
1920 of a Chinese Banking group, headed by the Bank of China and com- 
prising twenty-seven of the leading native banks. The combined author- 
ized capital of these banks is 1150,000.000, and their paid-up capital is 
reported as 165,000,000 (Chinese currency). 

The organization of this native Consortium was said at the time to be 
the C?hinese answer to the formation of the new International Consortium, 
and that Jealousy and suspicion of the International Consortium had some 
influence in leading the CThinese bankers to form their Association. A 
more potent reason would seem to be the necessity of binding themselves 
together for mutual protection against official exactions and oppression, 
and a recognition of the urgent need for reform in the financial methods 
of the Government. E3arly in 1921 a conference of the native Consortium 
at Tientsin passed the following resolutions relative to future loans to 
the Grovemment: 

1. Loans are not to exceed one-half the value of the revenues assigned 
or securities pledged. 

2. Value of revenues assigned or securities pledged must be stated, 
and stocks or bonds pledged must have a fixed date of redemption. 

3. Positively no loans are to be made without adequate guaranties 
or security. 

4. No sum of any considerable amount is to be advanced to the 
<3oTemment before a loan agreement is signed. 

5. Payment of interest must not be deferred. 

6. Redemption of principal must be made as it falls due; on no 
account is pasrment to be deferred or the loan refunded. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Later in 1921 the native Consortium presented to the Gtovemment a 
series of memoranda coyerlner the foUowlngr points: (1) That the Govern- 
ment afford opportunity to the native Consortium to finance any proposal 
that it migrht be the purpose of the Government to take up with the 
international Consortium; (2) That measures be taken for the unification 
of the Chinese railways under centralised control; (3) That the Chinese 
currency system be reformed by the adoption of a gold standard, the 
abolition of the tael, the unification of the currency and the control of 
note-issue by the Government. 

In extending: loans to the Government the native Consortium has 
insisted upon satisfactory assurance that the money borrowed should 
be expended for the purpose for which it was loaned and for no other* 
that it should not be applied to current expenses or to "administrative 
purposes." Two loans of the Government in 1921 were financed by the 
native Consortium, the first being the Railway Car Lioan for $6,000,000 
and the second the Shangrhai MUnt Loan for $2,600,000, in both of which 
the banking: g:roup retained in its own hands the proceeds of the loans 
and disbursed them direct to the cbntractors, reserving the right of veto 
on all contracts. In the case of the Railway Car Loan the native Con- 
sortium reserved the right to inspect the cars periodically and insure 
proper maintenance; to receive direct remittances to meet the service 
of the l^an from the railways to which the rolling stock had been assig:ned; 
to deduct interest from funds remaining in its hands in case of default; 
to hold as contingent security a lien on the surplus revenues of the Peking- 
Hankow Railway, and to audit and publish the accounts of that railway. 

Ooyemment Bond Issues in Detail 
In Pour Sections: 

I Chinese Government External Loans 

II Chinese Government Internal Loans 
III Chinese Government Loans in Japan 

rv Chinese Government Railway Loans 

irote— FaymeiLt of Interest on Oerman-held Bonds 

In July, 1920, the Chinese Grovemment announced that, being stiU in 
a state of war with Germany, interest and sinking fund payments were 
not being made in respect of certain German issues of Chinese Govern- 
ment bonds. These are the German portions of the 6% Gold Loan of 
1896, the 4H% Gold Loan of 1898, the 6% Tientsin-Pukow Railway loan 
of 1908 and supplementary loan of 1910, the Hukuang Railwasrs 6% loan 
of 1911, and the 5% Reorganisation Loan of 1918. 

Suspension of interest and sinking fund pasrments applies only to the 
German portions of these issues. Certain numbers of these bonds of 
German issue appear in lists of drawings, from time to time, but with the 
exceptions noted below neither the principal nor interest of such bonds 
can be collected at this time (March, 1922). 

Specific numbers, representing bonds which the Chinese Government 
has determined to have been in the ownership of non-enemy citizens prior 
to the war, have been declared "efTective." and the Government is 
regularly paying interest thereon, also the principal if drawn for payment. 



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CHINA 

A list of such numbers was published in June, 1920, and since then several 
additional lists have been grlven out. 

The publishers have complete lists of these "effective" bonds, and will 
be glad to check a^ralnst them any numbers of the above Issues which 
subscribers may send In. No charge will be made In this connection. 

Section I Chinese Gov^t External Loans 
cnmnuNB oot^ 4% rmAvoo-»V88ZAv JbOam or i896 

lOhino-Japanese War Zndemnity) 

Issued Fes. 400.000.000. Outstanding Fes. 185.167.500. Interest Janu- 
ary and July 1. The loan is for thirty-six years, and is repayable at 
par by annual drawings at Paris in March, for repayment on 1st July 
(commenced in 1896). Both principal and interest are payable, at the 
opUon of the holders, in Paris. London. Petrograd. Amsterdam. Berlin, 
Frankfort, Brussells or Geneva at fixed rates of exchange. Coupons and 
drawn bonds not presented within ten years of maturity will be pre- 
scribed. The loan Is exempt from all Chinese taxation, present or future. 
Bonds in coupon form of certificates of 600 fcs. and 2,500 fcs. and 12.500 
fcs. with their value 125 rubles. 404 marks. 239 guilders and £19 16s. 6d. 
expressed on them (500 fr.=125 Rubles=404 marks=289 fiorlns). 

Secured by a first direct charge upon the revenues of the Maritime 
Customs of C^na, with priority over all subsequent loans and guaranteed 
both as regards principal and interest by the Russian Imperial Govern- 
ment. 

Bonds of the Russian Issue of this loan should besir the French stamp. 
Those not so stamped are liable to be forgeries. 

London Agents. Comptoir National d'Escompte de Paris, London 
Agency. 8-18 King William Street. K C. 4; Credit Lyonnais, 40. Lombard 
Street, K C. Issued in July, 1895, *at 96 Vi. 

iroteu— For yield of the assigned revenues, see under heading of The 
Chinese Biarltime Customs on preceding page. 



IBB GOT^ 5% JjrO&O-OBmMAV &OAV OF 1896 
(OhiBo-Japa&ese War Zndenmlty) 

Issued £16,000.000. Outstanding £7,466.550. Interest April and Octo- 
ber 1. Repayuble at par by thirty-six annual drawings In London in 
February (commenced February, 1897). for repayment on 1st April. "The 
Chinese Government undertakes not to convert or redeem this loan other- 
wise than as herein specified." The Government also undertakes to pay 
to the Hongkong and Shanghai Banking Corporation and the Deutsch- 
AslatlBche Bank, by monthly installments, the amounts necessary to cover 
the annual service of the loan. Principal and Interest payable in London 
in sterling and in Germany in sterling equivalent at the exchange of the 
day. The Bonds are available for payment of Customs duties at any of 
the Treaty Ports, and are exempt from all present and future Chinese 
taxes. Bonds in coupon form of £25, £50, £100 and £500, but may be 
converted Into Stock on payment of 12s. 6d. per cent, commutation stamp 
duty. Secured upon the revenue of the Maritime Customs of the Treaty 
Ports of China, with priority over any subsequent loans, charges or 
mortgages, but subject to the charge in favor of the 4% Loan of 1896. 
Further collaterally secured by the deposit with the issuing banks in 



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KIMBER'S RECORD OP GOVERNMENT DEBTS 

China of Sterling Customs Bonds equal to the total amount of the loan, 
principal and interest. 

Airents, Hongrkong: and Shanghai Bankinfir Corporation, 9 Gracechurch 
Street, E. C. 3. Issued. £10.000.000 in March, 1896, at 98%% and £6.000,000 
In September, 1896, at 99. 

Vote. — For yield of the assigned revenues, see under heading The 
Chinese Maritime Customs on preceding page. 

Vote< — Oerman Stamped Bonds. — See note under heading Government 
Bond Issues In Detail, above. 



OHXVBSB OOTT 4H % AWa&O-OEBlCAir ZiOAV OF 1898 
Olilxio-JaiMtnese War Xndemiiity) 

Issued £16,000.000. Outstanding £11,196,050. Interest March and 
September 1. Repayable at par by means of forty-flve annual drawings 
in January (commenced 1899), for repayment in March. Principal and 
interest payable in London in sterling, and in Germany at the sterling 
equivalent at the exchange of the day on London. Bonds in coupon form, 
Nos. A 1 to A 30.000 of £25, B 1 to B 60,000 of £60, C 1 to C 110,000 
of £100. D 1 to D 2,500 of £500. but may be converted into Stock. 

Secured as a charge upon the Maritime Customs Revenues of the 
Treaty Ports of China, subject to existing loans remaining unredeemed 
(the 4% Loan of 1895 and 5% Loan of 1896), with a first charge, free 
from all encumbrances, on the General li-kin of the Port of Soochow. 
the Port of Kiukiang. the Sunghu (Shanghai Sungkiang) District and the 
Eastern Chekiang District, and on the Salt 11-kin of Ichang, the Hupch 
District and the Amhui District. These li-kin revenues have been placed 
under the control of the Inspector-General of the Maritime Customs, and 
the Chinese Government undertake that the administration of the Cus- 
toms service shall remain as at present during the currency of the loan. 
The Government undertakes to pay to the above-named banks by monthly 
installments the amounts necessary to cover service of loan, and if at any 
time the above security should prove insufficient, to appropriate further 
revenues for the purpose, to be likewise placed under control of the 
Inspector-General. In the event of a revision of the Chinese CTustoms 
tariff during currency of this loan, the li-kin duties pledged for the 
service of the loan can neither be decreased nor abolished, except by 
arrangement made with the Hongkong and Shanghai Banking Corporation 
and the Deutsch-Asiatische Bank, and only then for an equivalent first 
charge upon increased Customs revenue consequent upon such tariff re- 
vision. The loan is exempt from all present and future Chinese taxes, 
and, subject to loans previously issued, has priority, both as regards 
principal and interest, over all subsequent loans, charges or mortgages. 
The loan is further secured by the deposit in (Jhina, with the issuing 
Banks of Customs li-kin Bonds issued by the Tsung-li-Yamen and Board 
of Revenue and signed by the Inspector-General of Customs, and also by 
the deposit of Sterling Customs li-kin Bonds equal to the total amount 
of the loan, principal and interest. The latter Bonds are sealed by the 
Chinese Superintendent of Customs at Shanghai and by the Viceroy of 
the Liangkiang Provinces, and countersigned by the Foreign Commis- 
sioner of Customs at Shanghai, and will be available for ^yment of 
Customs and li-kin duties everywhere in China, 

Agents, Hongkong and Shanghai Banking Corporation, 9 Gracechurch 
Street. E. C. for Bonds; Bank of England for Stock. Issued in 1898 at 90. 

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CHINA ^^ 

ITot^.— For yield of the assigrned revenues, see under headinsr The 
Chinese Maritime Customs on preceding: pagre. 

Voted — Qtauat Stamped Bonds. — See note under heading OovemmBnt 
Bond Issues in Detail, above. 



OOT^T 6% TB&aOBAFS &OAV OF 1911 
. BztonsloiL $t Chroat Vortliom Toloir* Co.) 
Issued £511.790. Outstanding: £362,897. Interest June and December 1. 
Repayable in 86 half-yearly installments. Secured by the pledge of certain 
telegraph receipts. 



CM>T'T 6% TbOAM or 1911 
COvn«B07 Bofovm $t tnAxmttial DoTOlopiiMai &oaa) 

Authorized £10,000,000. Issued and outstanding: £400,000. Known as 
the Four Nations Group, and secured by the taxes on tobacco, wine and 
productions of the three Manchurian Provinces, and the new salt tax on 
the whole of China. Issued in 1911 at 96. 



OOTT 5% CK>U> &OAV OF 1912 
-Crimp iLouL" 

Issued and outstanding £5,000,000. Interest March and September 30. 
Repayable in forty years by annual drawings at par, commencing 1928, 
but the Chinese Government may, on giving six months* notice, redeem 
the whole loan or any part thereof not yet due after the fifteenth year 
at a premium of 2%%, and after the twenty-fifth year at par. Principal 
and interest payable in London in pounds sterling at British Bank for 
Foreign Trade; Lloyds Bank, Ltd., at the Chartered Bank of India, 
Australia and China, and in Brussels, Amsterdam and New York in 
foreign currencies at the exchange of the day on London at such places 
as may be notified by advertisement. The loan is exempt from all 
Chinese taxes and imposts. Bonds in coupon form of £20, £100, £600 
and £1,000. 

Specifically secured as to principal, interest and expenses as a first 
charge on the surplus revenues of the Salt Gabelle. Should these revenues 
bo at any time insufficient to meet the payments of interest and repay- 
ments of principal on due dates the Chinese Government undertakes to 
supply the amount required to meet such payments from other sources. 
If the principal and interest be in default at due date, then the revenue 
pledged, or such part thereof as may be sufficient to provide and pay the 
amounts stated, shall be transferred to and shall be administered by the 
Chinese Maritime Customs in the interests of the bondholders of this loan. 

Agents, British Bank for Foreign Trade, Limited, 48 Bishopsgate, E. C, 
London. Authorized by the Premier and the Minister of Finance, and by 
Special Order dated 2d September, 1912, of the President of the Republic 
of China, duly notified in London on 4th September, 1912. by the repre- 
' sentatlve of the Chinese Government to His Majesty's Secretary of State 
for Foreign Affairs, and on 14th September, 1912, by the President of the 
Republic of China to the British Minister in Peking. £6.000.000 (part of 
the authorized loan of £10,000,000) issued in September, 1912, at 95. 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

UH i wBm i acrrr 5% mnomoiMigATioir &oav or uia 

Issued and outstanding: £26.000,000. Interest January and July 1. 
Repayable within forty-seven years from the date of issue by means of a 
sinkiner fund (minimum of £245,940) to be applied to annual drawins* 
(in March) at par, commencing in 1924. The Oovemment may, on glYing 
six months' notice, increase the amounts for redemption on or after 
July 1, 1980, any bonds so redeemed in advance of the scheduled dates to 
be repaid at a premium of 2^% up to and including July 1, 1946, and 
-thereafter at par. Coupon bonds of £20 and £100, with their value In 
reichsmarlcs, francs, rubles and yen expressed on them (£20=605 francs 
=195.92 yen). Coupons are payable in London (by the Hongrkong and 
Shanghai Banking Cori>oration), Germany, France, Russia and Japan, and 
the bonds are payable, when drawn, at the offices of the contracting 
banks in London, Germany, France, Russia and Japan. BYee of Chinese 
taxes and imposts. 

Specially secured — "(1) by a charge on the entire revenues of the Salt 
admi^istratlon, subject to previous loans and obligations charged thereon, 
and (2) by a charge on any future surplus of the maritime customs 
revenues, subject to existing obligations charged thereon, or which may 
become chargeable thereon under existing agreements by reason of the 
abolition of li-kin consequent upon tariff revision." 

£416,680 was placed in London through the Hongkong and Shanghai 
Banking Corporation, Baring Brothers A Cte., Ltd., the London County 
and Westminster Bank, Limited, Parr's Bank, Ltd., and Messrs. J. Henry 
Schroder & Co., in May, 1918, at 90, inclusive of £8,000,000 applied for 
previously to the publication of the prospectus and alloted on the terms 
of the prospectus, while the remainder was placed in Germany (£6,000,000)» 
France (£7,416,660). Russia (£2,777,780) and Belgium (£1,888.880). 

Vote^^For yield of the pledged revenues, see under heading The 
Maritime Customs and the Salt Revenues on preoeding page. 

Vota.— ^lexnuui Stamped Bonds^— See note under heading Ck>vemment 
Bond Issues in Detail, on a preceding page. 

JTote^-SnssUui Stamped Bonds— -It was announced by the Chinese 
Government in April, 1928, that coupons of Russian stamped bonds of the 
above issue would not be paid except on the conditions prescribed below. 

Of the total of these bonds outstanding. £2,777.780 were placed in 
Russia. At the time of subscription temporary certificates were issued by 
the Russo-Asiatic Bank, and when definitive bonds were received by the 
Bank a notice was issued that holders might exchange their temporary 
certificates for the definitive bonds. The outbreak of the war In August, 
1914, foui^d the Bank with a large amount of definitive bonds on hand 
and a corresponding amount of temporary certificates outstanding. In 
December, 1917, the Russian Soviet Government took possession of this 
Bank, and the bonds in question, or some of them, were later sold through 
London and other markets. There are now outstanding, therefore, both 
definitive bonds and corresponding temporary certificates of this Russian 
issue. 

The Chinese Ck>vernment has instructed the paying agents for this 
loan to suspend payment of interest on all bonds of the Russian issue 
unless the coupons are accompanied by a certificate proving ownership 
prior to January 10, 1918, and the holder ibust also guarantee to re- 
imburse the paying agents if it should be later determined that the 
bonds had been sold by or for the account of the Russian Soviet 
Government. 

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CHINA 

It l8 understood that there Is a question of legal obligation in respect 
of the temporary certificates, no information being had as to whether 
they are obligations of the Russo-Aslatic Bank or whether the Chinese 
Oovemment is itself obligated under them. The action of the Chinese 
Government has been taken to clear the matter up and establish a definite 
policy for payment on the Russian stamped bonds, the same as on the 
other issues of this loan. 



OMZVS8B CM>TBSVMBHT 5% CM>U> JbOAM 07 1914 
Btno-rrsndi Zndwrtrlal Iboan 

Issued and outstanding Fes. 100,000,000 (£4,000,000). Redeemable by 
19<4 with the first installment payable in 1980. Issued in 1914 at the 
Banque Industriale de Chine, Cle Francaise et Ste. Qenerale, of Paris at 
81. Specially secured on receipts from the industrial enterprises, and 
if these prove insufficient on the revenues from the wine and tobacco 
taxes. 

QMLMMMmU MMFVMLJO 6% AOAV 07 1914 
(Brltlsli 41 Olilnese Oocpovatloii) 

Issued and outstanding £S76,000. Interest February and August 1. 
Redeemable by 1934, beginning with 1914. Secured on the surplus revenues 
of the Peking-Mukden Railway. Issued by the British & Chinese Corpora- 
tion in February, 1914, at 91. 

CKZnSB CM>T^ OBAMB OAVAIk AOAV OF 1917 

Issued £1,200,000 ($6,000,000 Ck>ld). Of the amount issued 18,500,000 
was advanced by the American International Corporation and $2,600,000 
by the Industrial Bank of Japan. 



CM>T^ 7% ZiOAV or 1917-1918 
Csoond Beorgaalsatloii Aoaii) 

Issued and outstanding 80,000,000 yen. Issued as follows: August, 
1917, 10,000,000 yen; January, 1918, 10.000,000 yen; July, 1918, 10,000,000 
yen. Secured on the surplus revenues of the salt administration. The 
above advances were made by the Yokohama Specie Bank in agreement 
with Tsao-Ju-Lin, Minister of Finance and of Communications. The loan 
is to be repaid out of the proposed Second Reorganization Loan, if made 
by the consortium; otherwise to be treated as a Japanese loan and repaid 
in cash. 

Vote.^-This loan was due in 1920 and 1921, three years from issue 
date of the series respectively. Principal was not paid when due. 



ISa OOT^ 8% TBBA8VBT VOTB8 OF 1919 
▼iokem' ^oaa 

Issued and outstanding £1,803,800. Interest April and October 1. 
Dated October 1, 1919. Repayable by drawings at par in five equal install- 
ments, beginning October 1, 1925, and following thereafter on October 1 
in each year until the whole amount is redeemed. Bonds to bearer of 
£100, £500 and £1.000 each. Exempt from all present or future Chinese 
taxation. A direct and unconditional obligation of the Chinese Government. 

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KIMBBR*S RECORD OF GOVERNMENT DEBTS 

Yield if redeemed at par October 1, 1986, £8 98. %; October 1, 192<. 
£8 7s. 9d. %; October 1, 1927. £8 78. %; October 1. 1928. £8 68. 6d. %; 
October 1. 1929, £8 68. 2d. %. 

Issued on behalf of Messrs. Vlokers, Limited, by Lloyds Bank, London, 
at 98. The proceeds of the issue apparently gro to Messrs. Vickers for 
supplying commercial aeroplanes and buildingr aerodromes to the order 
of the Chinese Government. 

Defanlt— Interest due October 1, 1921, on these Vlckers* bonds was 
not paid on that date, but within a few days the coupon was paid and 
Mjessrs. Vickers announced that the Chinese Minister of Finance had 
instructed the Salt Administration to pay out of the surplus salt revenues 
(after meetln'g all prior chargres on these revenues), the sum of 100.000 
Mexican dollars per month for the service of the Vickers' loan. The 
Vlckers' loan, therefore, appeared to be specifically secured upon this 
appropriation from the surplus of the salt revenues, thoug-h the legality 
of this appropriation was questioned at the time, and it is reported that 
the Salt Administration refused to make the payments. 

Interest due April 1, 1922. was not paid when due. 



OHXVBSIS CM>T'T 10-TSAB 8% BOITDS OF 1919 

MtoCOBi Z8B11# 

Issued and outstanding £600.000. Interest February 28 and August 28. 
Principal repayable at par by drawings in five equal annual installments 
of £120.000. beginning August 28, 1924. and ending August 28. 1928. All 
payments in sterling, free of all present and future Chinese taxation. 
Bonds to bearer of £100, £600 and £1.000. 

Issued to the Marconi Wireless Telegraph Company, and offered for 
subscription in London by the British Bank for Foreign Trade in August, 
1919, at 105. 

Default. — Coupons due August 28, 1921. and February 28, 1922, were 
not paid and are still in default (March 31. 1922). 

It was stated In March, 1922, that the Chinese (jk>vernment ofCered to 
issue treasury bills for the amount of the interest due and overdue, 
these treasury bills to be secured upon the surplus revenues of the Salt 
Gabelle, but this adjustment of the matter was declined as not acceptable 
to the International Banking Consortium. The basis for the objection of 
the Consortium was that the surplus of the salt revenues is already under 
lien to them by virtue of an engagement between the Chinese Government 
and the Consortium which was made in 1913. The present Consortium is 
considered to be a reconstitution of the International Consortium then 
existing, and its rights in the matter not affected by this reconstitution. 



OOT'T a-YXAB 6% TBXASirmT VOTB8 OF 1919 

Issued and outstanding 15,600,000. Dated November 1. 1919. Due 
November 1, 1921. Interest May and Nov. 1. . Principal and interest pay- 
able In United States Gold at Continental and Commercial Trust A Savings 
Bank, Chicago, or in New York City. Coupon Notes of $1,000 denomina- 
tion, registerable as to principal. Redeemable in whole or in part at the 
option of the Republic on thirty days notice, as follows: during the first 
year at a premium of %%, and at any time thereafter at a premium of 

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CHINA 

This loan is a direct obllgratlon of the Chinese Government, and Is 
secured by a direct first chargre on the "Goods Taxes" derived from four 
of the provinces of China. It is additionally secured by a direct charge 
upon the revenues derived and to be derived by the Chinese Government 
from the "Tobacco and Wine Public Sales Tax" of China, subject to 
certain other charges thereon. During each of the years that all or any 
part of this loan remains unpaid, a net sum equivalent to at least $6,- 
600,000 in gold shall be received upon such revenues by the Chinese 
Government and shall be available for the service of this loan. 

These notes were issued to refund an issue of Three- Year Secured 
Gold Loan Treasury Notes, which matured November 1, 1919. Offered at 
98% and Interest, yielding over 7% by the Continental and Commercial 
Trust & Savings Bank of Chicago. 

Ptfa nl t^ " P rincipal due November 1, 1921, was not paid when due. 



OKUmSJi GOT^ 2-TBAB HOTXS 1919-1991 
PAOlflo DeTelO]»iiieBt Corporation 

Issued and outstanding |6.600,000 (U. S.). Dated December 1, 1919. 
Due December 1, 1921. Interest June and December 1. Secured by lien 
on wine and tobacco taxes. Taken by the Pacific Development Corpora- 
tion and pledged to secure loans. 

Defaulty— Principal due December 1, 1921, was defaulted, but Interest 
was paid. 



QOV*T 1-TBAB 8% VOTES 07 1991 
Oawadlan iMmom 

Issued and outstanding $2,000,000 in IT. S. gold, and |1,000,000 In 
Canadian gold. Dated September 1. 1921. Due September 1, 1922. Interest 
March 1 and September 1. Principal and interest of American series pay- 
able at New York In IT. S. gold and of the Canadian series at Victoria, 
Vancouver. Oalgary, Reglna, Edmonton, Winnipeg, Toronto and MontreaL 
Denominations, coupon $500 and $1,000. 

This loan Is a direct liability and obligation of the Chinese Govern- 
ment and Is specifically secured upon the surplus of the salt revenues 
for the six months ending August 31, 1922, which it Is estimated will 
amount to the equivalent of $17,000,000 in U. S. gold. These notes are 
stated to be a first charge against this surplus. 

Offered in August and September, 1921, by the Royal Financial Corpora- 
tion, Ltd., Vancouver, B. C and Seattle, Wash. 

Section II Chinese Gov^t Internal Loans 

(All figures In Chinese currency) 



I oov^ 6% nmaT'iTBAm vatxovai, &ojjr or 1912 

Issued $54,892,000. Outstanding $51,672,600. June 1 and December 1. 
Repayable within 10 years from 1921 by drawings. Denominations, $10, 
$50, $100 and $1,000. Secured by Government revenues. 

This loan was Issued for the indemnification of losses sustained during 
the Revolution and for the payment of provincial governors In satisfac- 
tion of their claims upon the central government. The bonds were 
handed to these various claimants and reckoned at anywhere from 26% 
to 601% of their face value; the Government, however, has paid Interest 
with more or less regularity at 6% on the face amount 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 

Under the 1921 plan of debt consolidation (see Consolidated Loan of 
1921) these bonds were to exchanged for 40% of their face value in new 
6% bonds. 



OOT'T 8% imXTAmT KOAV 07 1919 

Issued $7,871,160. Outstanding $8,871,160. Interest February 2 and 
August 2. Repayment was to have been made by 1918, through install- 
ments of one-fifth of the loan annually, but payments have been irregu- 
larly made and maturity date is extended. Denominations, $6, $10, $100 
and $1,000. Secured by land tax, etc. 

OHZMB8B OOT^ 6% TBZmD TBAB VATZOVA^ JbOAM OW 1»14 

Issued $24,000,000. Outstanding $13,920,000. Interest June 30 and 
December 31. Repayable from 1916 to 1927 by annual drawings of l/9th 
of amount Denominations. $5, $10, $50, $100, $1,000 and $10,000. Secured 
by revenue of Kinhan Railway. 

Vot«<--On December 1, 1921, a drawing of bonds of this loan took 
place at Peking, being the fourth drawing on this loan. 



OOTT 6% rOXrmTH TSAA VATZOVA^ KOAV or 1916 

Issued $24,000,000. Outstanding $12,765,500. Interest April 12 and 
October 12. Repayable from 1919 to 1924 by annual drawings. Denomina- 
tions, $5, $10, $100. $1,000 and $10,000. Secured by revenue of native 
customs and Likin in Shansi. 

Vote.— On September 1, 1921, a drawing of bonds of this loan took 
place at Peking, being the third drawing on this loan. 



B OOT'T 6% rXFTH TSAm VATIOVA& &OAV 07 1916 

Issued $16,770,515. Outstanding $16,520,000. Interest March 31 and 
September 80. Repayable from 1919 to 1922. Denominations, $1. $5, $10, 
$100, $1,000 and $10,000. Secured by tax^s on wine and tobacco. 

OKZHS8B OOTT 6% SSTENTK TBAS VATZOVA^ ZiOAJT 07 1919 

Issued and outstanding $45,000,000. Interest June 30 and December 31. 
Repayable from 1929 to 1939. Denominations, $10. $100, $1,000 and $10,000. 
Secured by native customs. 



CKnrSSB OOT'T 6% SBTSNTK TSAA 8KOBT TSBM IkOAJT OF 1919 

Issued $48,000,000. Outstanding $14,400,000. Interest June 30 and 
December 31. Repayable within five years by semi-annual drawings. 
Denominations, $6, $10, $100, $1,000 and $10,000. 

OKZnSB OOTT 7% SZOKTK TBAS VATZOVA^ &OAV OV 1919 

Issued and outstanding $13,600,000. Interest February 28 and August 
81. Repayable from 1921 to 1930 by drawings. Denominations, $6, $10, 
$100, $1,000 and $10,000. Secured by Gk)vemment revenues. 

These bonds were issued chiefly in payment of debts to military 
governors under circumstances similar to those of the First Year National 
Loan, which see. 

Under the 1921 plan of debt consolidation (see Consolidated Loan of 
1921) these ibonds were to be exchanged for 40% of their face value in 
new 7% consolidated bonds. 

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CHINA 

I8B cKnrr e% mzhts tbar &oav or imo 

Issued $60,000,000. Outstandinsr 155.193,800 (Mex.). Interest March SI 
and September 30. Repayable within six years by semi-annual drawing 
at par, begrinnin^ March 81, 1921. Bonds in coupon form only of $6, $10, 
$100, $1,000 and $10,000. 

A direct obligation of the Government of China, and specially secured, 
first upon the customs surplus funds, and secondly upon the salt surplus 
releases. Such funds are to be deposited with the Bank of China and 
Bank of Communications under a 'special account, and are not to be 
utilized for any other purpose. 

Authorized by official decree of September, 1920. Of the amount 
issued, $24,000,000 was used to discharcre certain mortgragres held by the 
above banks. The balance, $86,000,000, was applied to the retirement of 
depreciated Peking: notes of these banks during the period between 
November 1, 1920, and January 31, 1921. Such potes were accepted at 
their face value in payment of subscriptions to this loan, and when so 
regrained were to be destroyed. 



oxnmsB cKnrr 9% xnrr imam or imi 

Issued and outstanding: $2,600,000. Interest annually. Repayable with- 
in three years by monthly installments of $70,000. Denomination, $1,000. 
Secured by surplus customs, salt and tobacco revenues. Underwritten by 
the Chinese Banking Consortium. 



t OOVT 6% and 77c OOVBO&ZDATBD ZVTBmVA^ TmOAM OV 1981 

Issued in two series at 6% and 7% interest Amount outstandings — 
not available. Interest semi-annually. Principal repayable within 10 
years by semi-annual drawings at par of 6% of the total. Bonds in 
coupon form of $1, $10, $100, $1,000 and $10,000 Chinese currency. 

Authorized by Presidential Mandate of March 8, 1921, for conversion 
of bonds of the 6%. First Year Lioan and 7% Elighth Year Loan, bonds 
of these loans being convertible into new 6% and 7% bonds respectively 
at the rate of $40 in new bonds for each $100 bond converted. Exchange 
of bonds was offered from May 2 to November 20, 1921. for the 6% bonds 
and from June 20 to December 31. 1921, for the 7% bonds, after which 
dates convertible privileges expired. 



OBZHBSB OOVT ZHTBBJTAI^ 15% &OAV, 1988 

Issued and outstanding $14,000,000 Chinese currency. Interest payable 
in advance and principal repayable in installments as follows: 

Principal repayable in installments of one-twentieth of the face value 
of each bond per month, beginning February, 1922. Interest of 15 per 
cent, for the entire period (not per annum) was paid in advance. For 
example, $10,000 face value of bonds were sold for $6,870 in cash, and 
the bondholders will receive monthly payments on account of principal 
of $500 each, until the $10,000 face value is paid. 

Specifically secured on the surplus of the salt revenues subject to prior 
charges thereon. It was officially stated that Sir Reginald Gamble, Asso- 
ciate Chief Inspector of the Salt Oabelle. on January 20, 1922. agreed to 
release for the service of this loan whatever salt surplus revenue should 
become available during the following twenty months. 

The proceeds of the loan were to pay bank loans amounting to $2,- 
600,000, the remainder being applied to the payment of salaries of soldiers 
and civil officers in Peking. 

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KIMBER'S RECORD OF GOVERNMENT DEBTS 



Underwritten and offered for public subscription In China in JanoaiTf 
1922. througrh a consortium of thirty leading: Chinese banks. 



Section III Chinese Grov't Loans in Japan 

During the European war of 1914-1918, Japanese financial interests 
made numerous loans to the Chinese Government and to various interests 
affiliated therewith. Many of these loans are in the form of bond issues 
which were s*old to investors in Japaxu 

The list given below is believed to be a complete record of such 
financiner. Many of the loans are in default, both principal and interest; 
some of them are repudiated, or rather igrnored, by the Chinese Govern- 
ment on the ground that the Government never received any of the funds 
represented by the loans. Some of these loans were made through, or 
perhaps to, the Anfu Club, a Japanese-controlled Chinese political organi- 
zation in Peking. 

Official information as to payment or non-payment of interest is not 
available (March. 1922). 
Date of 
Issue Lioan Amount 
1916 — "Msiy 1, Peking Government from Asiatic Development 
Co. for general purposes. For 8 years at 6 per cent.; 
issue price 94; secured by certain mining concessions 
in Hunan and Ankwei and by the profits from brass- 
melting Y 5.000,000 

1916 — ^Nov. 10, Bank of Taiwan, Kwantun loan Y 600,000 

1916 — ^Nov. 11, Chinese-Japanese Industrial Development Co. 

Hankow Paper Mill Loan Y 2.000.000 

1916 — Dec. 5, Okrua Gumi, Tientsin Spinning Mill lK>an Y 600,000 

1917 — Jan. 15. Toa Kogyo Kwaisha, Nankow Hydraulic Elec- 

trtc Col. Loan Y 1.000,000 

1917 — Fengtien province from Bank of Chosen for relief of 
Chinese banks in Mukden, one-half payable in one year 
and the other half in three years, interest at 6.5 per 

cent, issue price 96 Y 2,000,000 

1917 — January, Ministry of Communications from Japanese 
banking group for redemption of notes of Banks of 
Communications. For 3 years at 7.5 per cent interest; 
no discount; secured by 1,500,000 shares of bank stock 
and $4,000,000 treasury bonds, Japanese obtaining privi- 
lege of appointing adviser to Bank and option for 

future loans Y 6,000,000 

1917 — February, Kwangtung provincial Government, Yl, 800,000 
from Japanese Banking syndicate for advances to 
provincial government and Yl,700,000 for construction 
of the Kwangtung cement factory and customs land at 
Tashatou; secured by the revenue and property of the 
cement factory and guaranteed by the Kwangtung 

government Y 8,000,000 

1917 — May, Bank of Taiwan, Kwangtung loan secured by the 

provincial skit tax Y 1,600,000 

1917 — Aug. 12, Toa Togyo Kwaisha, Nanchang railway loan.. Y 2,800,000 



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^ CHINA 

1917 — ^Augr. 28, Bank of China from Japanese syndicate for 
redemption of bank notes, secured by |16.000,000 Bank 
of China notes, for 6 months at 7 per cent interest. ... Y 6,000.000 

1917 — ^Aug. 28, Advance on second reor^ranization loan for 
reimbursement of advances made by Bank of China 
to central firovernment from Yokohama Specie Bank. 
Repayable out of the second reorgranization loan if 
made, otherwise to be repaid in cash in one year; 
interest at 7 per cent; discount 1 per cent; secured 
by surplus salt revenue Y10,000,000 

1917 — Aug, 28. Japan China Industrial Development Co. 

Shantung loan Y 1,600,000 

1917 — Sept 28, Industrial Bank of Japan, the Bank of Chosen 
and the Bank of Taiwan, Second loan for the Bank of 
Communications Y20,000,000 

1917 — Oct 20, South Manchurian Railway Co. loan on the 
Klrin-Changchun railway. . For 30 years at 6 per cent; 
issue price 91.60; secured by revenue and property of 
the road Y 6,600.000 

1917 — ^Nov. 20. Grand Canal Loan of $6,000,000 gold, of which 

the Industrial Bank of Japan took $2,600,000 gold Y 6,000,000 

1917 — ^Nov. 22, Central Government from Chinese-Japanese 
Industrial Co. and 10 Japanese banks for relief of 
Chih-li flood sufters, 1 year at 7 per cent interest 
secured by revenue of three native customs houses 
including Dolonor Y 6,000.000 

1917 — ^Hengchow (in Hunan) Electric Light Co. from China 

Japan Industrial Development Co Y 80,000 

1917 — ^Hsiajen, Hsiaking and Pinghu in Chekiang from China 

Japan Industrial Development Co Y 260,000 

1917 — ^Hsiangtau Electric Light Company of Hunan from China 

Japan Industrial Development Co Y 60,000 

1917 — Central government for metal refining from China 

Japan Industrial Development Co Y 60,000 

1918 — Jan. 1, Mitsui Bushan Kaisha, Finance Department 
Printing Bureau loan. For 3 years at 8 per cent, issue 
price 98. The agreement provides that all materials 
be bought from the Mitsui Bussan Kaisha, if prices are 
not higher than those of the competitors Y 2,000,000 

1918 — ^Tsao Kun, Tuchun of Chih-li from Mitsui Bussan Kaisha 
for military purposes, secured by shares of the Kailan 
Mining Administration Y 1,000.000 

1918 — Jan. 6, Second advance on second reorganization loan 
from Yokohama Specie Bank. Repayable out of the 
second reorganization loan if made, interest at 7 per 
cent, secured by surplus salt revenue YIO.OOO.OOO 

1918 — Jan., Tan Hoa-ming, provisional military governor of 
Hunan from Japanese syndicate, said to be secured by 
right to co-operate in working iron mines at Taiping- 
Shan, Ankwei, and antimony mines at Shuikoushan, 
Hunan, for 6 years at 7 per cent, issue price 9 Y 2,000,000 

1918 — Central government from Yokohama Specie Bank for 
suppression of plague to be repaid in 10 months, secured 
by surplus salt revenue Y 1,000,009 



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KIMBER'S RECORD OF GOVERNMENT DEBTS 

1918 — Jan., Fukien Lioan for general purposes, secured hy 

sundry taxes in the province Y 1,000,000 

191S — Jan., Chih-li province from Mitsui Bussan Elaisha for 
purchasing yams for Chih-li spinners, repayment guar- 
anteed by Ministry of Finance Y 1,000,000 

1918 — Jan. 20, Central government from Tai-hei Kunei syn- 
dicate interest at 7 per cent., issue price 95, additional 
commission of 6 per cent, for unspecified purposes Y14,000,000 

1918 — Jan. 20, Second loan to the Bank of Communications 
from Banlc of Chosen. Banlc of Taiwan and Industrial 
Banlc of Japan, for S years at 7.5 per cent, secured by 
125,000,1^00 in treasury bonds Y20,000,000 

1918 — February, Yokohama Specie Bank. Shihpingkai-Cheng- 
chiatun railway loan for 1 year at 7 per cent interest 
secured by revenue of road Y 2.600.000 

1918 — ^February, Toa Kogyo Kwaisha. Nanjin railway loan.... Y 100.000 

1918 — April, Mitsui Bussan Kaisha Wireless loan for construc- 
tion of wireless stations, material to be purchased from 
Mitsui Bussan Kaisha Y 3,000.000 

1918 — ^April 30. Telegraph Administration from Sino- Japanese 
Ebcchange Co. for extension of land lines, interest at 7.5 
per cent., secured by all telegraph properties not previ- 
ously pledged Y20.000.000 

1918 — May 16, Bank of Chosen, Chih-li provincial loan Y 1,000.000 

1918 — June 18. Bank of Chosen. Bank of Taiwan and Indus- 
trial Bank of Japan, Kirin-Huaining railway loan for 
40 years at 5 per cent interest Y20.000,000 

1918 — ^April 22, Fengtlen province from Bank of Chosen for 
redemption of small coin notes, one-half to be repaid 
in two years and the other half in three years, interest 
at Collieries owned by Fengtlen province Y 3.000.000 

1918 — Ix>an on Yu-kau mines. Kiangsi province Y 8.000.000 

1918 — July. Third advance on the second reorganization loan 

from Yokohama Specie Bank YIO.OOO.OOO 

1918 — July. Japanese banking group, Kirin forestry loan for 10 
years at 7.5 per cent, interest no discount, secured by 
the Kirin and Heilungkiang gold mines and government 
forests YSO.OOO.OOO 

Sectiton IV Chinese Gov't Railway Loans 
Chinese Government Railways 

The Chinese Government owns and operates a system comprising four- 
teen roads with a total mileage of 3,940. In addition to this there are 
provincial and private railways operated independently but under the 
control of the Minister of Communications aggrregating 421 miles. The 
other railways in China (The Chinese Eastern. South Manchuria, Shantung 
and Yunnan) are operated by foreign interests under concession from the 
Government 

The Government railway system now in operation 18 located north 
of the Yangtse River. Construction in progress and plans for future 
construction aim to connect up the present short lines in the south so 



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CHINA 

aa to ffive that section the same transportation faoilitiea now serving 
the north. 

• The cost of road and equipment of the Government railways repre- 
sents an investment of |414,902,S64 <U. S.)> of which the Government 
investment is 1188,099,400 or equivalent to an equity of about 83%. There 
are outstandincr against these lines mortgage bonds to the face value of 
$266,707,770. The income account for the Government railways includes 
interest on these bonds in the operating expenses. 

The Ministry of Communications' report on the Government railways 
for the year 1919 contains a comparative statement extending over Ave 
years. During the period under review the operating revenues of the 
various lines increased from $57,000,000 to $82,000,000. The increase in 
operating expenses is only 2&% during the period compared with an 
increase in revenues of 44 per cent Net operating revenues have, there- 
fore, mounted rapidly and in 1919 were 64 per cent, greater than in 1915. 
The percentage of return on the cost of the property increased from 
6.4 to 10.7. Compared with American and European railways, the net 
revenue is considered good, the surplus at December 81, 1919, being given 
as $36,478,281 Chinese currency. 



BJOXiWAT TTMAMOEM TM IMl 

Operating revenues of the railways for the period January 1 to July 
81, 1921, were $58,628,905 Chinese currency, an increase of $3,625,202 over 
the corresponding period of the previous year. 

According to a memorandum submitted in February, 1921, to the 
President of China by Dr. C. C. Wang, Director of the Railway Depart- 
ment, Ministry of Communications, the Government receipts and expenses 
in the railway, telegraph and postal account for 1921 were as follows: 

RECEIPTS FROM THE RAILWAY. TELEGRAPH AND POSTAL 
ADMINISTRATIONS FOR 1921 

Chinese 
Currency 

1. Cash receipts from railways $6,280,000 

2. Cash receipts from the post and telegraph 760,000 

8. Receipts in bonds 1,260.000 

4. Accounts charged but not collected on account of 

military transportation 8.470,000 

5. Subsidies from the operating railways to 

(a) Hupeh-Canton-Szechwan line 2,420,000 

(b) Shanghai-Hangchow line 2,170.000 

(c) Canton-Kowloon. Ninghsiang and Puhsiang 

lines 760.000 

6. Receipts from loans 24,000,000 

Total receipts 146,130,000 

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KIMBBR'S RBCORD OF GOVERNMENT DEBTS 

APPROXIMATE PAYMENTS BY THE MINISTRY OF COM- 
MUNICATIONS TO THE RAILWAYS AND THE 
MINISTRY OF FINANCE FOR 1921 

1. Subsidies to: 

(a) Hupeh-Canton-Szechuen line $5,890,000 

(b) Shan^hai-Hanffchow line 2,170.000 

(c) Canton-Kowloon. Nl^hsiang: and Puhsiang 

lines 760.000 

2. Administrative Expenses of the Ministry 1.100.000 

5. Payment of interest and principal for domestic 

loans matured 9,860.000 

4. Payment of interest and principal for foreign 

loans matured 070.000 

6. Advances to the Ministry of Finance 

(a) for temporary loans 15.810.000 

<b) for general administrative expenses 1.180,000 

(c) for accounts transferred on account 6.S50.000 

(d) in domestic bonds 8.400,000 

Total payments $46,180,000 

The above apparently shows a deficit of $84,000,000 which was covered 
by loans, this deficit being due to advances to the Ministry of Finance 
aggregating $26,690,000. In other words, demands of other departments 
of the Administration were met by appropriation of funds from the income 
of the railways, the deficits thus created being met from the proceeds 
of loans contracted by the Railway Administration. 

In addition to the deficits mentioned the Railway Administration de- 
faulted payment of interest and principal due in 1921 on the following 
accounts: 

1. Payment of interest on the telephone loan of the 
Chinese Japanese Development Company due in 

March and September of 1921 $ 600.000 

2. Payment of interest on advances for telegraphic 
materials made by the Oriental Development Com- 
pany due In August, 1921 800.000 

8. Payment of Interest and principal for the loans from 
the Great Northern and the Great Eastern due in 
December, 1921 270.000 

4. Payment of interest on the loans for telegraphic 
materials from the Chung Hua Hui Yih Bank due 

in December. 1921 • 800.000 

5. Domestic loans whose repayment is overdue but not 

made 7,630.000 

6. Allowance to students studying abroad and engineer- 
ing expenses for Hupeh-Hunan section of the 
Canton-Hankow Railway 400.000 

Total amount overdue but not paid $9,400,000 

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CHINA 

As of January 1. 1922, the Ministry of communications was a debtor 

in the amounts named below, all due for payment before Augrust, 1922, 
and BLggregtiting |19,850,000. 

1. To the Bank of China $1,200,000 

2. To the Bank of Communications 8,460,000 

3. To the Chinese- American Bank 1,560,000 

4. To the Slno- Japanese Industrial Bank 1,170,000 

5. To the ChunsT Fu Union Bank 600,000 

6. To the Wu Tsu Bank 420,000 

7. To the Chung: Yuan Bank 520,000 

8. To the metal exchangres at Shanghai 500,000 

9. To the first promissory notes 6,000,000 

10. To the second promissory notes 8,000,000 

11. To short term bonds 1,040.000 

12. To other banks 1,700,000 

Dr. Wang in the memorandum above referred to, made the following 
recotmmendations : 

1. The Ministry of Communications should organize a special com- 
mittee to deal with the financial matter In connection with communica- 
tions. All financial questions should be submitted to the committee for 
consideration. The central and local organisations which have anything 
to do with the Ministry should send representatives to participate. The 
duty of the committee should be to decide upon the payments that should 
be made and the payments that should not be made. 

2. Receipts of the Ministry of Communications should be applied to 
the different payments in the following order: 

<a) Operating expenses and salaries and wages, which are the course 
of profit-making. Failure to meet them would affect the business. 

(b) Repayment of capital and interest on the foreign loans. This Is 
to maint